XRP Approaching Key Trading Range: Weekly Rise Nears 8%
As momentum gathers around a critical area that has influenced trade this year on multiple occasions, the price of XRP is attracting new attention. According to market statistics from CoinMarketCap, the price of XRP is currently trading at $2.67, up 0.78% over the previous day and 7.97% over the week. This increase has propelled the token into the $2.63 to $2.70 range and is consistent with a general market boost.
XRP Tests Critical Support-Resistance Band
Since earlier in the year, the region has served as a deciding band, shifting between resistance and support on the daily chart throughout several tests. The focus is on whether XRP can eventually get acceptability above this zone, as the price has probed it twice in October. On the other hand, the market has been fueled by new fund flows and derivatives positioning. While CME futures open interest surged to multi-month highs, indicating greater institutional participation, a newly established spot XRP ETF crossed approximately $100 million in assets.
XRP Moves Above $2.63 Pivot as Momentum Builds
After consolidating for a few days, XRP emerged from a symmetrical triangle and moved into the $2.63 pivot band that has been limiting its price since mid-October. Buyers maintain intraday control due to the breakout candle, which is located above the triangle’s top trendline. The momentum following the compression phase is building, as indicated by the RSI hovering around 54 and climbing. Instead of a feeble fake-out, volume stays active at about 35M throughout the day, confirming the move’s validity.
With $3.09 as the next significant obstacle, a clear move above $3 would begin with a solid daily close and hold over $2.70. A regular decline from there to retest $2.70 as support would be sound and might provide a more solid foundation for future trading.
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