XRP Price Prediction: Short-Term Recovery Targeted at $1.50

XRP Price Prediction: Short-term recovery with $1.50

The XRP price has been showing a declining trend over the past four days, following the broader crypto market’s movement as profit-taking puts pressure on prices. Currently trading at $1.35, the asset has seen a 2.7% drop on the daily chart. Although it briefly hit a high of $1.63 on Saturday, it failed to sustain above the $1.50 mark, which now poses as a significant hurdle before reaching $2.

A potential return to the $1.50 level would mark a 10% increase from the current price. One indicator to watch for is the increase in trading volume during this recent dip. Typically, rising trading volume alongside falling prices suggests a strengthening downward trend.

However, there are signs of a shift in momentum as data from CoinMarketCap shows a 13.8% drop in trading volume in the last 24 hours. This decrease could help support the XRP price by slowing down the rate of decline. Additionally, Cryptoquant data reveals a downward trend in XRP exchange reserves over the past seven days, with a further 1% decrease in the last 24 hours. A decline in exchange reserves indicates a reduction in selling pressure, which could potentially boost the price.

Looking ahead, the XRP price is currently hovering around the $1.369 mark, indicating that buyers are in control. If the bullish momentum continues, we may see the price rise to test the first resistance level at $1.400. Breaking past this resistance could lead to a further test at $1.430.

Conversely, a drop below $1.33 could signal a shift towards bearish control, with potential support levels at $1.345 and $1.29 if the downtrend continues. Keeping an eye on these key levels and momentum indicators will be crucial in determining the short-term direction of XRP’s price.