Highlights:
- XRP broke out of its price range and took hold of the $2.40 support level.
- Cryptocurrency analysts are optimistic about the XRP price trend due to the positive readings from MACD and EMAs.
- DeFiLlama statistics demonstrate that the XRPL DEX leads with $65.2M TVL as $2.40 remains as support.
XRP’s price has reversed its downward trend following an emphatic breakout above a prior trendline resistance. The breakout signals the conclusion of a series of lower highs consistently rejected over the previous several months. XRP broke through the resistance line during May after a flurry of buying that lifted prices from their lows in April.
A clear, rounded bottom pattern has formed in this price zone. This formed during a period of accumulation and signaled the start of an upswing. Following the breakout beyond the trendline resistance, XRP pulled back slightly and returned towards the area that it had previously tested as resistance.
The reversal of that barrier strengthens the bullish trend in the near term. After reaching $2.70, the price is consolidating within the $2.40 area, which will be vital for maintaining the rally in the next few days.
Market Momentum Supported by Technical Indicators Across Multiple Timeframes
Lower levels on the daily chart suggest a solid bullish outlook for XRP. TradingView’s composite indicator suggests that XRP is in a Buy or bullish phase. The majority of the indicators are now conveying bullish momentum. The crux of the trend is reflected by the moving averages, with 13 of the 15 lines suggesting further gains for XRP.
All the 10-, 20-, 30-, 50- and 100-day exponential moving averages indicate XRP’s price remains higher than the indicated levels. The short-term average is at $2.41 while both EMA(50) and EMA(100) are currently trading lower than the market at $2.25 and $2.27. This means both short-term and long-term trend support.
Overall, these indicators indicate that the market has the potential for further gains. Meanwhile, the MACD is above neutral at 0.0843, and the Momentum indicator stands at 0.2819. This shows that the market is in a healthy uptrend, yet it isn’t quite overextended.
In addition, the Stochastic RSI and Commodity Channel Index are indicating that momentum remains limited, leaving space for prices to advance without facing near-term pressure from a reduction in overall positive momentum.
On-Chain Activity Shows Strong Engagement on XRPL DeFi Ecosystem
Significant activity on XRP’s blockchain is reflected in the data available on DeFiLlama. The XRPL Dex still commands the largest TVL on XRP, currently valued at $65.2 million. The discrepancy, however, doesn’t diminish the XRPL DEX’s dominance compared to other protocols, such as Doppler Financ,e that’s $25.7 million in Television Locked.
The XRP-based decentralized finance (DeFi) space crossed $57,000 in DEX volume and generated $7,739 in protocol fees in the past 24 hours. These figures suggest that the XRP Ledger is consistently providing value and support to a range of decentralized solutions. It shows that the core network is steadily operating in the midst of limited price volatility.
The recent uptick in XRP’s price indicates it remains on the trajectory of growth. A look at the one-minute XRP chart on Coinbase reveals a consistent pattern of bottoms making higher highs across the day so far today.
Prices advanced steadily from a low of $2.39 to hit the day’s high of $2.44. The bullish momentum continued as a result of increased buying activity reflected in a 1.98% rise and the current price at $2.4332.
Trading is remaining active, as 24-hour exchange volume has exceeded $43.8 million. There is significant activity by traders on exchanges, as shown by the total 24-hour trading volume of $5.47 billion.
The market capitalization of XRP is presently valued at $142 billion, as there are 58.6 billion XRP coins circulating in the market. The ratio indicates that the current level of trading activity is sufficient given the size of the XRP market.
Concentrated liquidation risks are found near both the $2.50 and $2.30 marks on the XRP/USDT futures perpetual on Binance. A large number of traders are actively trading in the area around $2.50. Activity below the present price indicates that $2.30 may act as a cushion during a temporary correction.
Liquidation hotspots occurring at $2.40 suggest the significance of this region as major support for XRP prices. As long as buyers manage to hold the $2.40 level, an opportunity to challenge the $2.90–$3.00 region can still arise in 2025.