XRP Price Hits $2.20 Amid Mixed Market Sentiment
XRP Price– At the start of the week, XRP experienced a notable rebound following a sharp decline that pushed its price below the psychological $2 level over the weekend. After falling to a low of $1.90 on Sunday during a four-day downward trend, XRP found solid support and began to recover.
On Monday, XRP surged by nearly 10%, continuing its upward momentum into Tuesday, where it reached $2.20. However, bulls encountered short-term resistance at this level. Market watchers now closely observe whether XRP can break past $2.20 decisively. Should this occur, the next resistance levels are expected at $2.26, aligned with the daily 50-day simple moving average (SMA), followed by the daily 200-day SMA near $2.37. Key psychological barriers lie at $2.50 and $2.65.
Volume Declines Suggest Market Caution
Despite the price recovery, XRP’s trading volume dropped sharply by 45.22% in the last 24 hours, falling to $2.79 billion, according to CoinMarketCap. This volume decline indicates a cautious stance from both buyers and sellers, signaling market indecision. The Relative Strength Index (RSI) stands near the midpoint, reflecting a neutral sentiment with potential for movement in either direction depending on forthcoming market catalysts.
Significant XRP Ledger Update Released
In other developments, the XRP Ledger saw a major update with the release of Rippled Version 2.5.0. This upgrade brings important improvements to the XRPL ecosystem, including support for batch transactions, token escrow IOUs, and Merkle Patricia Trie (MPT) functionality. These enhancements aim to boost network efficiency and flexibility.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
