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$XRP is stuck within a price range, with a recent analysis highlighting levels the coin needs to reclaim for bulls to gain control of proceedings.
$XRP has failed to maintain a clear price direction in recent times, with uptrends followed by pullbacks to lower prices. According to prominent market watcher EGRAG Crypto, this price action is not random but part of a broader range trend.
In his recent analysis, he highlighted what needs to happen for $XRP before bulls can gain control of the market again and force a breakout to higher prices.
$XRP in a Range
EGRAG identified the battle between buyers and sellers. The former is defending key support areas while the latter is fighting to keep $XRP below important resistance areas. This behavior led to the conclusion that the coin is currently in a “range-rebuild” phase.
Most recently, $XRP visited $1.05, breaking below its February low of $1.12. However, prices rebounded sharply, as buyers stepped in to violently defend the demand zone. Notably, the daily closing on that day printed a long lower wick, showing clear price rejection.
The analyst highlighted that this was not random but confirmed his analogy that both bulls and bears keep stepping in at key levels in an attempt to regain control of the market. The upper wick seen on the daily closing on June 15 also reflected higher price rejection as bears defended the $1.30 resistance area.
Key Levels to Watch for Bulls
EGRAG noted that the levels are clear, and how $XRP reacts to each of them will determine whether its rebuilding phase continues or further price weakness endures. One of the most important support levels to watch is the $1.11 level.
He called this the “survival zone” where bulls need to defend to avoid an aggressive downtrend. Holding it invalidates the possibility of a crash to $0.88.
$1.28 is the immediate resistance and the next level to watch. $XRP has already lost momentum around it after testing earlier in the week. Reclaiming this zone is the first show of strength and would build the momentum for a further uptrend.
Once $XRP reaches $1.35-$1.38, bulls start gaining control of the market. Meanwhile, $1.50 is the major breakout zone. The coin has stalled around this resistance zone multiple times since February, and finally breaking above will shift the market structure bullish.
IF $XRP breaks out of the current range, the path towards $2.30 becomes visible. It last reached this level in January and would require a 93% growth from the current price to reclaim it.
Momentum Still Relatively Weak
In the meantime, $XRP is still struggling to sustain an uptrend. The rejection at $1.30 on Monday has seen it drop over 3% to $1.19 at press time. The altcoin remains below key moving averages, showing weak price momentum.
The daily RSI also started to tilt lower, further confirming that bears still lack the required strength to drive further upside. Nonetheless, it remains around 45.84, somewhere around the neutral ground.
On-chain data further shows caution among market traders. $XRP futures flows show that derivative interest is dwindling. In the past 24 hours, traders have closed more futures contracts ($615 million) than they have opened ($564 million). Open interest has also dropped by 5% to $2.75 billion.