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XRP Locks $2 Despite $2.46 Billion Volume: Why?
Despite the recent decline, XRP has managed to hold onto a crucial support level of $2, providing reassurance to its holders. The cryptocurrency’s ability to maintain this price point is likely due to its significant trading volume, which has reached an astonishing $2.46 billion.
While some may be disappointed by XRP’s lack of upward momentum, it’s essential to recognize that the current market conditions are not conducive to a strong bull run. Instead, many analysts expect XRP to range trade or consolidate in the short term before deciding on its next major move.
One possible scenario is that XRP may continue to oscillate between $2 and the 50-day SMA at $2.23. This range trading could be driven by the daily RSI’s flattening below the 50 midpoint, suggesting a consolidation phase is underway.
A break above this 50-day SMA would clear the path for a potential rally towards $2.60. However, bears will need to defend this level as it represents an important short-term resistance area. Should XRP close below $2, the risk of a more significant downturn increases, potentially targeting $1.61.
For now, it’s essential for traders and investors to closely monitor the situation and adjust their strategies accordingly. As always, U.Today will keep you updated on any developments that may impact XRP’s price action.
Source: https://u.today/xrp-locks-2-despite-246-billion-volume-why
