XRP (XRP) broke through $3.66 on Friday, recording its highest price in years. This signaled a massive influx of buying pressure, and on Monday, its market capitalization exceeded that of global fast-food giant McDonald's. However, it subsequently failed to maintain its upward momentum and turned downward due to short-term profit-taking selling.
Currently, XRP is trading below the $3.40 support line, which has increased the possibility of prices falling further to $3. According to technical analysis, the $3 level is likely to act as a strong support line, and if a rebound occurs in this range, it could attract aggressive buying pressure.
Market experts believe that if XRP successfully rebounds and is supported by buying pressure, it could potentially challenge its previous high of $3.66. Conversely, if the $3 range is breached, the collapse of the psychological support line could lead to a more significant decline, warranting caution.
Currently, XRP is being influenced by overall market sentiment along with major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), with regulatory direction statements related to the Trump presidency acting as additional market variables. XRP's future trajectory is likely to exhibit significant short-term volatility as these macro factors and technical indicators interact.
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