u.today
The $XRP price fell by over 2.25% in the last 24 hours as it performed below the broader cryptocurrency market. Despite this mildly negative outlook, the $XRP technical chart signals a rally might be underway, as $XRP’s Bollinger Bands indicate a potential breakout.
$XRP holds key $2 support as Bollinger Bands tighten
Data from CoinMarketCap reveal that the $XRP price has been trading between a low of $2.06 and a high of $2.13 within this period. That is, despite the price decline, the coin is holding steady above the $2 support zone and the lower Bollinger Band of $2.05.
$XRP’s middle and upper Bollinger Bands sit at $2.07 and $2.08, respectively. With $XRP currently trading within these zones, the coin is likely to witness a breakout if market conditions align.
Notably, $XRP bulls need to step in and ensure the trading volume exits the red zone for this to happen. Volume is currently down by 30.42% at $2.53 billion, possibly due to the market-wide sell-off triggered by profit-taking within this period.
For clarity, $XRP is liquidity sensitive, and its price movement generally reflects market moves. Hence, when Bitcoin and Ethereum faced rejection, it accelerated $XRP’s decline.
However, with the asset’s Bollinger Bands setup, $XRP might rebound soon. As of press time, the $XRP price was exchanging hands at $2.06, which represents a 2.6% decline in the last 24 hours. If the coin is able to close above $2.09, which is higher than the upper Bollinger Band, a recovery move could be confirmed.
Market participants would need to focus on $XRP's price movement in the next 48 hours to confirm a possible rally. More importantly, the asset’s trading volume has to exit the red zone to rekindle investors’ confidence.
Rising interest and Binance integration fuel $XRP's outlook
According to a U.Today report, there is growing interest in $XRP. On social media platform X, the number of searches for the asset recorded a spike amid recent development. $XRP ranked at the top with other notable cryptocurrencies like Bitcoin and Ethereum.
The development suggests that potential investors might be monitoring $XRP’s performance and outlook. If so, stability in price could attract more investors, which could boost the price in the long run.
Meanwhile, $XRP is working on a major integration with the Binance team. EasyA cofounder Dom Kwok recently hinted at a "very bullish" meeting with the BNB team. If the partnership sails through, it has the potential to expand $XRP’s reach in the crypto sector.