- XRP price has struggled to build traction above $2.20 in recent days and its sentiment is currently not asset-specific but tied to BTC.
XRP price has risen to weekly highs on Wednesday, reclaiming the $2.20 support level. The crypto coin has registered three successive daily gains, underlining bullish control of the momentum. It has struggled for a decisive upward traction in recent days, in the absence of new developments around its fundamentals.
Investors are currently looking at new propulsion from the impending settlement of the Ripple vs SEC case, but a significant portion of that sentiment has already been priced in. A stronger upturn will likely come from a spot ETF approval, which is likely to come in the third quarter of the year.
Meanwhile, the value of XRP’s open interest rose by 4.08% in the last 24 hours, hitting $3.86 billion. However, the near-term XRPUSD upside action will likely be subdued. Despite the marginal price rise, the coin’s trading volume reduced by 42% in the last 24 hours. That signals a declining buyer appetite, which could invite the sellers to take control.
Nonetheless, Bitcoin’s sustained upside in the last three days has resulted in a strong momentum that could help it propel the rest of the crypto market with it. On Wednesday, the crypto market bellwether retested the $110k mark for the first time in seven days, raising the prospect of reclaiming the psychological $110k support.
XRP Price Prediction
XRP price pivots at $2.17 and the upside will prevail if action stays above that level. That will likely result in further gains to encounter the first resistance at $2.23. Breaking above that level will signal a stronger momentum that could push the action higher to test $2.26.
On the downside, the momentum will shift to the downside if the price breaks below $2.17. With the sellers in control, primary support will likely be at $2.11. The upside narrative will be invalid below that level, and the resulting momentum could push XRPUSD lower to test $2.06.
