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Recently, the price trend of XRP has attracted investors' attention. Currently, the trading price of XRP hovers around $3.00, having experienced a significant pullback from the previous high of $3.70. The latest market data indicates that the closing price of XRP has broken above the 26-day exponential moving average, a signal that has led some market participants to anticipate a possible trend reversal. However, the overall structure of the daily chart has not yet shown complete signs of recovery, so market participants should remain vigilant.
Analysts point out that despite a recent price rebound, the current spinning top pattern suggests that there is still uncertainty in the market. This pattern typically indicates that the market may experience stagnation or a potential directional change, especially at the important psychological barrier of $3.00. More notably, the weakening of buying volume during this round of rebound has raised doubts about the sustainability of the upward momentum.
Currently, market confidence in XRP remains insufficient, which may indicate that the recent rebound is only a temporary technical correction. Investors should closely monitor the 50-day moving average (approximately $2.71) and the 100-day moving average (approximately $2.60) as these two key support levels. If XRP cannot hold the current price level and falls below the 26-day moving average, it is likely to test these moving average supports again.
The Relative Strength Index ( RSI ) is currently above 51, indicating the possibility of both upward and downward movements in the market. However, to confirm a genuine trend reversal, XRP needs to clearly break through the range of $3.10 to $3.20, accompanied by a significant increase in trading volume.
Overall, the key resistance level for XRP is around $3.00. To maintain the upward momentum, it is crucial to break through the $3.10-$3.20 range. Investors should closely monitor price movements and changes in trading volume while maintaining a cautious approach when making investment decisions.