XRP Rises 7% to $2.20 After Finding Support at $2.07
XRP increased by 7% in the last 24 hours, trading at $2.20 after rebounding from a low of $2.07.
Key Developments
- XRP’s recent price movements are driven by fundamental developments and market speculation.
- Ripple received approval for its RLUSD stablecoin from Dubai regulators, aiming to integrate digital assets in cross-border payments.
- A decision on Franklin Templeton’s proposed spot XRP ETF is expected by June 17, which could lead to significant institutional inflows.
- XRP has consolidated above its 200-day moving average, indicating resilience amid market volatility.
- Ripple's strategy focuses on bridging crypto and traditional finance, positioning XRP as a settlement asset and risk-on hedge.
Price Action Summary
- XRP rose from $2.07 to $2.20, reflecting a 7% increase.
- The sell-off peaked between 19:00-20:00 with a volume of 228.6 million units, nearly double the daily average.
- Resistance levels are noted at $2.50-$2.60, while support is established at $2.07-$2.10.
- A higher-low pattern indicates bullish momentum, yet market caution remains due to potential ETF outcomes.
- XRP is within a symmetrical triangle formation, suggesting possible breakout scenarios if resistance is breached.