XRP's Price Rollercoaster: Bulls vs Bears at $2.75 Resistance
1min read XRP's price outlook is currently shaped by key levels at $2.75 resistance and $2.52 support, which may influence its future direction. Following a remarkable 30% increase after its inclusion in the U.S. crypto reserve, XRP peaked at $2.95 before experiencing a subsequent correction. Despite bullish indicators from the RSI and Ichimoku Cloud, profit-taking activities have hindered further gains.
XRP's impressive rally after its U.S. crypto reserve inclusion faced correction, with the asset pulling back approximately 10% as traders began to lock in profits. The momentum of XRP was further illustrated by its Relative Strength Index (RSI), which peaked at 84.5, indicating extreme bullish sentiment that frequently precedes short-term corrections. Currently, the RSI has dipped to 63, indicating a cooling off from overbought conditions, yet remaining indicative of bullish momentum.
The analysis of XRP's trajectory through the Ichimoku Cloud showcased a breakout above the cloud, affirming a strong bullish trend. This movement propelled XRP above the Tenkan-sen (blue line) and the Kijun-sen (red line), reflecting confidence in both short and medium-term trends. Presently, however, the price correction back toward the Kijun-sen indicates a potential reassessment of the gains achieved.
If XRP can maintain its position above the Kijun-sen, consolidation may occur, potentially allowing another upward movement towards higher resistance levels. Conversely, if a deeper correction ensues, it could suggest diminished bullish momentum, warranting caution moving forward. Following its rapid ascent, XRP's recent performance highlights pivotal moments for traders. A resurgence in buying pressure may allow XRP to retest the resistance level of $2.75. A break above this could pave the way for even higher targets, potentially reaching $3.15 for the first time since early February, particularly as the market anticipates developments surrounding the SEC case involving XRP.
On the downside, should profit-taking persist and sell pressure increase, XRP might find critical support at $2.52, with significant implications for further price declines if breached. Traders will be heavily focused on levels such as $2.36 and potentially even $2.15 to gauge the broader market's reaction to the asset's fluctuations 