XRP News Today: XRP Gains 3.7% as Market Eyes $2.38 Resistance

XRP, the native token of the Ripple network, is currently at a critical juncture, with its price action signaling a potential major move, either upward or downward. In the past 24 hours, XRP's price has gained 3.7%, trading near $2.26 while maintaining crucial support above the $2.20 mark. This movement comes as the broader crypto market remains mostly green, with the global crypto market cap rising and total trading volume climbing.

Bitcoin (BTC) price edged up to hover around $108,000, while Ethereum (ETH) also moved up to $2,551. XRP’s daily trading volume jumped dramatically, showing renewed market activity around the token. Despite this, XRP’s Futures Open Interest dipped, hinting at traders taking a cautious approach. Technically, the Relative Strength Index (RSI) for XRP stands at 52, suggesting the asset is currently in neutral territory, neither heavily overbought nor oversold.

Renowned crypto analyst Ali Martinez recently highlighted that XRP’s immediate resistance sits at $2.38. Martinez explained that breaching this level could open the door for a fresh bullish wave. If the token fails to break past this mark, it could struggle to maintain its current momentum. Market expert EGRAG CRYPTO added to the conversation with his bullish outlook, describing the recent technical setup for XRP as “Bellissimo,” Italian for “very beautiful.” He shared a symmetrical triangle formation in a chart, pointing out that XRP’s breakout from this pattern could signal a powerful rally ahead.

According to EGRAG’s analysis, the breakout projection suggests XRP could climb as high as $120, a staggering 9,000% jump from its current price. The Fibonacci retracement levels on the chart outline additional resistance levels traders should watch, including $3.52, $9.13, $15, and $30. However, EGRAG also cautioned that XRP might revisit $1.24 before any sustained upward move, framing such a drop as a “lifetime opportunity” for buyers to re-enter the market. This aligns with classic technical setups where retests of previous breakout points help build a stronger base for future rallies.

XRP, the cryptocurrency, is currently at a pivotal moment, facing a critical resistance level at $2.38. This price point is significant because over 2.75 billion tokens are held at this level, representing 4.33% of the total tokens analyzed. The UTXO Realized Price Distribution (URPD) chart, which indicates the number of tokens last moved at a particular price, shows that $2.38 is one of the largest accumulation zones for XRP. This concentration of tokens suggests that a large number of investors have purchased XRP at this price and are waiting for a breakout to either sell or buy more, making it a critical price battleground.

The resistance at $2.38 is not just a technical barrier but also a psychological one. Many holders are either waiting to exit at breakeven or looking for price confirmation before re-entering. This behavior could define XRP’s next trend. The overall realized price distribution shows notable bands also near $1.90, $1.25, and $0.61. However, the $2.38 level remains the most active zone in terms of realized value density among all major levels plotted.

If XRP manages to close above $2.38, there is lower resistance ahead, which could lead to a fast bullish move. Market participants are closely watching the price action at this level. A daily close above $2.38 could signal a rapid move, as there is reduced realized volume between $2.38 and $3.00, meaning there’s less historical resistance. This could trigger a major move, signaling not just a technical shift but a sentiment change if $2.38 is breached.

The pressing question for market participants is whether XRP can breach the $2.38 resistance and start a new bullish phase. The answer to this question will depend on whether XRP can overcome the significant resistance at $2.38 and attract new buying interest. If it does, XRP could be poised for a major bullish move. The URPD tool provides a non-speculative, on-chain look at what levels matter most to holders, and any move above $2.38 would signal regained strength after years of consolidation.