XRP price is on course to register the third successive daily gain as the crypto market busks in Bitcoin’s multiple all-time high record breaking spree. On the downside, Securities and Exchange Commission (SEC) has delayed its decision on Bitwise and Coinshares XRP spot ETFs whose deadline was on May 24. The next deadline is August 24. That has limited the coin’s upside potential, but the broader market sentiment will still provide propulsion.
Why XRP Will Struggle To Breach $2.50
As of this writing, XRP price just hit a weekly high of $2.47 and is up by 0.5% on the daily chart. In addition, the value of its open interest contracts rose by 1.98% to $5.07 billion in the last 24 hours. That shows growing confidence among users that XRP price will perform well in the future. However, the 24-hour trading volume is down by 22% suggesting a weakening buying appetite in the near-term.
The RSI reading on the XRP price daily chart is at 57 as of this writing, indicating bullish control. In addition, the current price is above the Volume Weighted Moving Average (VWMA) of $2.39 adding credence to the bullish undercurrent. However, the Average Directional Index (ADX) indicator is at 18, showing a weak uptrend. Therefore, a break above the $2.50 mark is unlikely in the near-term if the current market fundamentals remain in play.
XRP Price Prediction
XRP price pivots at $2.42 and action above that level hints at likely continuation of the upside. The coin will likely encounter initial resistance at $2.45. However, a stronger momentum will extend the upside, with the XRPUSD pair potentially testing the second resistance at $2.48.
Conversely, the momentum will favour the sellers if the price breaks below $2.42. That will likely see the first support established at $2.40. The upside narrative will be invalid if the price breaks below that level. However, an extended control by the sellers will break below that level, with the second support likely to be at $2.38.
