XRP News Today: XRP Retreats From $2.32 Resistance, Tests $2.28 Support

XRP's price has been a focal point today, reaching $2.3014 before retreating to $2.29. The cryptocurrency faced resistance at $2.32, a critical level that has held firm according to chart analysis. This resistance has led to a pullback, testing the $2.28 support level. The price movement highlights the significance of these key levels in determining XRP's near-term direction.

Analysts are divided on the short-term outlook for XRP, with some indicating bullish signals while others warn of potential downside pressure. Technical indicators suggest a "Buy" signal, but there are also warnings of a potential dip. This mixed sentiment is further complicated by heavy trader activity in the $2.30–$2.35 range, as revealed by a CoinGlass heatmap. This congestion adds to the market uncertainty, with traders bracing for potential volatility.

Despite the short-term challenges, long-term projections for XRP remain optimistic. Dark Defender, a prominent market analyst, has identified a new wave structure forming on XRP’s weekly chart. This pattern aligns with historical observations from November 2024 and suggests a potential surge to between $18.22 and $23.20. The analysis also identifies $5.85 as a mid-term target within the broader bullish trend. These predictions are based on Elliott Wave theory and Fibonacci levels, which indicate key resistance points XRP could face on its upward trajectory.

Market sentiment and trading volume add to the uncertainty surrounding XRP. The cryptocurrency's 24-hour trading volume reached significant levels, but it has seen a slight decline in the past 24 hours and a more substantial drop over the week. This price fluctuation between $2.24 and $2.47 reflects the ongoing market uncertainty. Historical events, such as the July 2023 SEC ruling, have shown that XRP’s price is highly sensitive to major developments, further complicating the near-term outlook.

XRP’s current price action reflects a tug-of-war between bullish long-term projections and short-term resistance. With trader activity and historical price patterns in play, the market awaits the next major move. The cryptocurrency's ability to break through the $2.32 resistance level will be crucial in determining its near-term direction. Traders are advised to remain cautious and monitor key levels closely as the market braces for potential volatility.