Key Takeaways
- XRP price continues to struggle with volume as the price could face more price action.
- The price of XRP needs to trade above $3, corresponding to its 50-day and 200-day resistance, preventing the price from trading upwards.
- A break and close above $3 for the XRP price could see a renewed bullish price action toward $5 or more.
The crypto market was in much buzz in previous weeks ahead of the first-ever White House crypto summit hosted by Donald Trump, which generated a positive atmosphere for crypto assets with rumors suggesting XRP would be included in the US strategic reserve stockpile and announced leading to a sharp spike in XRP price towards $3.
On-chain data saw a surge in demand for XRP during last week’s hype leading up to the summit, but the price of altcoins, including Bitcoin (BTC), declined after the summit as the crypto market retraced back into low volatility ahead of a new week.
The weekly close for BTC and many altcoins shows that the price needs to rebound from its current area of interest to the upside to avoid breaking lower to the downside, as bears would be looking to take advantage of the price.
Despite current market uncertainty and low trading volume across the crypto market, the price of XRP remains strongly above $2, acting as a key support zone for the price as XRP bulls remain strong, protecting its price around this region.
Weekly XRP Price Prediction – Will Price Go Up or Down?
Source – XRP Price Prediction For The Week From TradingView
The price of XRP currently trades around $2.19, and it looks bearish in the short term following a price crash of over 50% from a region of $3.4 to a low of $2. XRP is trying to defend its price from trading lower than $2.
If the price of XRP breaks below its key support of $2, we could see price traders lower than expected, going towards $1.7 to $1.6 in the coming weeks as bears would dominate the price of XRP in key lower regions.
But if the price of XRP holds above $2, rallying towards its key resistance and breaking to the upside, we could see more price action and a strong bullish price for XRP, as traders and investors would become more interested in buying XRP.
The price of XRP trading above its 50-day and 200-day EMA would mean bullish price action for buying. Price could continue in its strong uptrend towards a high of $5 or more in the coming months, as there is strong bullish sentiment around XRP despite price suffering a decline in the past few weeks.
