XRP’s Struggle at $2.2 Resistance: What’s Next for the Cryptocurrency?
XRP has faced its fourth rejection at the $2.2 resistance level within a month, signaling continued bearish pressure. Despite brief moments of upward momentum, the cryptocurrency remains trapped in a tightening range, leaving traders uncertain about its next major move. This article delves into the key patterns observed on the weekly chart and explores potential scenarios for XRP’s price action in the NEAR term.
XRP Faces Fourth Rejection at $2.2 Resistance Level
XRP’s latest attempt to breach the $2.2 resistance mark has resulted in yet another sharp rejection—marking its fourth failure at this level within a month. Despite initial momentum, the asset remains confined to a tightening range, leaving traders anticipating a decisive move.
The weekly chart reveals a familiar pattern: a brief touch of $2.2 followed by swift downward pressure as sellers dominate. Support between $1.9 and $1.95 has held thus far, but repeated tests suggest weakening resilience. A breakout above $2.2 with substantial volume could signal renewed bullish momentum, while failure risks a breakdown toward lower support zones.
Ripple Price Analysis: Consolidation Nears Breakout as XRP Awaits Directional Catalyst
XRP’s price action has compressed into a narrowing wedge between key moving averages, setting the stage for a decisive move. The cryptocurrency now oscillates between its 100-day MA at $2.40 and 200-day MA at $1.90 - a textbook consolidation pattern preceding volatility expansion.
Technical analysts note the descending wedge’s upper boundary coincides precisely with the 100-day moving average. A confirmed breakout above this confluence zone would invalidate the bearish pattern structure, potentially triggering algorithmic buying programs and propelling XRP toward higher resistance levels.
SEC Greenlights ProShares’ Leveraged and Short XRP Futures ETFs
The U.S. Securities and Exchange Commission has approved the launch of three XRP-linked futures ETFs by ProShares, set to debut on April 30. The suite includes the Ultra XRP ETF (2x leveraged), Short XRP ETF (inverse), and Ultra Short XRP ETF (-2x leveraged), marking a significant expansion of crypto derivatives offerings.
These products represent the second through fourth XRP-tracking ETFs in the U.S. market, though ProShares’ spot XRP ETF application remains pending alongside other similar proposals. The approval comes after a three-month review period following their January filing.
XRP Climbs 8% In a Week as Price Stays Range-Bound Between Key Levels
XRP has surged 8% over the past week, trading within a tight range between critical support and resistance levels. The rebound in its Relative Strength Index (RSI) to 58.36 from 47.34 earlier today signals a short-term bullish resurgence, though momentum remains weaker than the overbought peak of 77.7 seen earlier in the week.
Technical indicators paint a cautiously optimistic picture. The Ichimoku Cloud structure leans slightly bullish, while RSI fluctuations suggest traders are approaching the asset with measured enthusiasm. market participants appear to be weighing recent gains against the absence of sustained upward pressure.
