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With the cryptocurrency ecosystem in consolidation mode, XRP bulls are eyeing more ambitious price tags amid the recovery. At the time of writing, the price of XRP is changing hands for $2.19, under By 2.46% during the last 24 hours. XRP recorded a wide swing over the past week as the market witnessed intense drawdowns.
XRP statistics and forecast
XRP price is currently on the brink, and recovering from it Heavy selling During the last week. The cryptocurrency went from a high of $2.29 to a low of $2.14, rising again to its new high and current level.
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This correction indicates that sellers in the market are exhausted, leading to a bounce. However, the metrics still have a long way to go before a continued uptrend is confirmed. At the time of writing, the XRP market has a trading volume of over $12.1 billion, displaying high liquidity and open interest (OI).
As heavy trading activity continues, it remains to be seen how XRP bulls can push the price. Technical indicators also point to a significant rise ahead. The four-hour XRP/USDT chart shows the Relative Strength Index (RSI) reading 44, which is well below the neutral zone. This indicates that the selling pressure has almost been exhausted.
The Moving Average Convergence and Convergence (MACD) line is also intertwined with the signal line, a setup that could lead to a currency breakout. If these indicators identify the next trends, they could lead to a return to the $2.50 price mark.
XRP basics in play
Last week, XRP survived a major stress test amid widespread market liquidations. However, the cryptocurrency is poised to benefit from the newly launched liquidity boost Stablecoin RLUSD.
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Ripple Labs executives have explained how both assets will complement each other, setting the tone for XRP's growth. with Enhanced utility With widespread adoption, the cryptocurrency may regain higher price targets in the near future.
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