XRP Trading Range Tightens Near $2.15 as Breakout Anticipated
XRP is trading near $2.15, indicating a potential breakout as broader economic tensions affect major assets. The current price reflects an accumulation phase with reduced volatility and solid support at the 38.2% Fibonacci retracement level.
News Background
- Broader economic pressures include escalating trade tensions and diverging central bank policies.
- XRP maintains a stable price floor following its January rally to $3.39.
- Ongoing settlement talks with the U.S. SEC and speculation around a potential XRP spot ETF contribute to market dynamics.
- Ripple claims XRP could capture up to 14% of SWIFT’s transaction volume, enhancing its institutional use case.
- Interest in Ripple’s cross-border payment infrastructure persists despite market caution.
- Traders are monitoring for signs of a confirmed breakout or breakdown due to technical compression.
Price Action
XRP's 24-hour range was $2.135 to $2.186, with a bullish move from $2.151 to $2.158 on high volume indicating buyer interest. A brief pullback to $2.150 tested critical support aligned with the Fibonacci level.
Technical Analysis Recap
- XRP had a 2.38% trading range over 24 hours.
- Support at $2.133 with resistance near $2.186.
- Narrowing trading band between $2.150–$2.165 suggests pre-breakout conditions.
- Fibonacci support at $2.152 remains intact.
- Volume spike confirmed local high at $2.158.
- A dip to $2.150 tested key support with a quick recovery to $2.152.
- RSI and MACD show flat trends, indicating potential for a breakout when volume increases.