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XRP, the sixth-largest cryptocurrency by market capitalization, has been hovering around $1 over the weekend, creating a sense of anticipation on the market.
Over the weekend, XRP soared to a three-year high of $1.263, with futures bets reaching new highs. On Sunday, open interest in XRP derivatives reached $2 billion, with investors wagering on increased volatility in the XRP price. The increase is being driven by optimism about easing regulatory headwinds.
Furthermore, the upcoming integration of Ripple's RLUSD stablecoin and French bank Société Générale-backed euro stablecoin with XRP Ledger may increase institutional adoption of the platform.
Following a significant price increase, XRP is now oscillating in a range. The XRP price has fluctuated between $1 and $1.26 over the last three days, and everyone is wondering if the bulls might be able to push it higher.
Will bulls surge higher?
The current XRP range is supported at $1, with immediate resistance near $1.26. A breakout or breakdown below these levels may determine XRP's next price direction.
Currently, XRP is seeing a decline in trading volumes, down 52.2% in the last 24 hours to $9.4 billion, according to CoinMarketCap data. A surge in trade volume may signal increased interest from bulls.
If XRP breaks above $1.263 on significant volume, it may target $1.41 and $1.96, perhaps paving the way for a further rise. However, XRP may remain range-bound near its current levels, disappointing traders who are hoping for definitive action.
At the time of writing, XRP had risen 5.33% in the previous 24 hours to $1.14 and was up 96% for the week. That said, a decline below $1 could trigger retests of lower support levels, such as $0.95 and possibly $0.82.
While the bulls have so far held the line, XRP's next move might depend on a mix of technical signals, market sentiment and macroeconomic developments. Investors should watch key resistance and support levels closely, as any breakout or breakdown might determine XRP's trajectory in the coming weeks.