Key takeaways
- XRP is trading above $2.0 after adding 1% to its value in the last 24 hours.
- If the $2.0 psychological level holds, XRP could rally towards the $2.5 psychological region.
XRP is approaching the $2.1 technical area
XRP, the native coin of the Ripple ecosystem, is up 11.5% year-to-date and has maintained its value above $2.0.
The coin is now up 1% in the last 24 hours and is currently trading at $2.06 per coin. The positive performance comes as the broader cryptocurrency market recovers, with Monero’s XMR leading the charge.
Despite the recent price stagnation, growing institutional demand for spot XRP ETFs supports a bullish performance in the medium to long term. Furthermore, hopes for the Senate passing the Market Structure Bill reaffirm the bullish longer-term price targets. XRP could reclaim the $2.5 or $3.0 psychological levels if the U.S. Senate passes the Market Structure Bill in the coming days or weeks.
However, the cooling of interest from institutional and retail investors could negatively affect XRP’s performance in the near term.
XRP targets $2.5 as support levels hold
The XRP/USD 4-hour chart remains bearish and efficient despite Ripple adding 11% to its value since the start of the year. However, the structure could shift bullish soon as the crucial support levels hold.
The Moving Average Convergence Divergence (MACD) lines are within the negative territory, indicating a bearish bias. The RS also stands at 43, below the neutral 50, suggesting that the sellers are currently in control.
If the bearish bias persists, XRP could dip below $2.0 and retest the $1.92 support level. An extended bearish run would see the cryptocurrency touch the $1.81 support for the first time since December 31.
However, if the current support level holds, XRP could rally towards the recent resistance level of $2.2. A daily candle closing above this level will bring the $2.5 psychological region into focus.
