XRP has begun to claw back some ground after a recent downturn, currently trading near the psychologically significant $3.00 level.
This attempt at recovery follows a drop from a recent local peak of $3.70, indicating ongoing market volatility and hesitation reflected by the recent close above the 26-day Exponential Moving Average.
Despite the upward price movement, analysts raise concerns about its sustainability. Data shows declining buy-side transaction volume, suggesting a lack of strong conviction behind the latest push higher.
Critical support remains positioned at technical indicators below the current price. Strong buy-side interest is anticipated around the 50-day EMA at approximately $2.71 and further reinforced near the 100-day EMA at $2.60, which could serve as crucial demand zones.
For the recovery to gain robust momentum and signal a potential trend reversal, XRP needs to decisively breach the significant resistance band between $3.10 and $3.20. Market watchers note the Relative Strength Index (RSI) hovering just above 51, underscoring the market’s balanced state and significant potential for movement in either direction.