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XRP Faces First Rejection Despite 124% Volume Surge
Despite a significant surge in trading volume, which has increased by a whopping 124%, XRP’s price has faced its first rejection at $2.30. This development has raised concerns among market participants and investors, who are now closely monitoring the asset’s movement.
The recent increase in volume is largely attributed to the anticipation of a potential breakout above the previous resistance level. However, the current rejection may be a temporary setback for XRP enthusiasts. Some analysts believe that this dip could serve as a buy-the-dip opportunity, as it may have triggered selling pressure and cleared the path for a higher price action.
In addition, the market is now generally bullish, with many expecting a reversal in sentiment towards XRP’s growth. This shift could be catalyzed by the assumption of office by Paul Atkins as the new Securities and Exchange Commission (SEC) chair. The impact of this change on XRP’s price remains uncertain, but it has sparked optimism among some investors.
While the rejection at $2.30 may have dampened expectations for a short-term breakout above the level, many are holding onto their investment strategies. Some predictions suggest that if XRP breaches the $2.70 price point, it could lead to a more substantial surge, with potential targets of $3 and beyond.
Investors remain watchful of XRP’s price movement, waiting for any signs of reversal or continuation of this current trend. The market’s overall sentiment remains uncertain, but one thing is clear: the rejection at $2.30 will be closely monitored as we move forward.
Sources:
* Major BNB Chain Upgrade Imminent: Countdown Begins
* Bloomberg: US Companies Might Reconsider Role of Crypto in Treasury Management
Source: https://u.today/xrp-faces-first-rejection-despite-124-volume-surge
