XRP is on the edge and has successfully bounced off a key demand zone with a high trading volume as bulls and bears clash above this zone. What’s next for XRP?
XRP has faced bearish pressure over the past week as the price formed a continuous downtrend. As of press time, XRP is trading at $2.13 with a 53.52% increase in trading volume over the past 24 hours. Despite price fluctuations, XRP is trading above a key demand zone where price reversal has historically occurred.
Price reversal has begun as bears get exhausted, and market sentiment could be shifting on the lower timeframes. A look into the 4-hour chart reveals a bounce off from $ 2.05 to $2.10, which acts support and demand zone. Despite the bearish pressure in the past week, XRP’s Open Interest (OI)-Weighted Funding Rate has remained positive, suggesting long-term investor conviction.
What’s next for XRP?
On the lower 1-hour timeframe, XRP bulls and bears appear to engage in a tug of war above this key demand zone. Bulls need to hold above $2.05 for XRP to maintain the developing uptrend momentum.
According to analyst Egrag Crypto on X (formerly Twitter), XRP’s long-term bull rally could hit $27 based on historical market cycles on the macro lens. As XRP bulls strive to take charge, the market is closely monitoring whale activity, open interest, and buying volume for further insights.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
