The price of XRP is on the way to record the third daily gains in a row as the encryption market buses are in a high -standard break ever in Bitcoin. On the negative side, the Securities and Stock Exchange Committee (SEC) delayed its decision on BitWise and Coinshares XRP Spot ETFS, which was the deadline on May 24. The next deadline is August 24. This has limited the possibility of the bullish trend of the currency, but the broader market morale will continue to provide payment.
Why will XRP struggle to breach $ 2.50
As of writing this report, the XRP price has reached a weekly increase of $ 2.47 and raised by 0.5 % on the daily chart. In addition, the value of open interest contracts increased by 1.98 % to $ 5.07 billion in the past 24 hours. This indicates the increasing confidence among users that the price of XRP will perform well in the future. However, the trading volume has decreased 24 hours by 22 %, indicating the weakening of the appetite for purchase in the short term.
RSI reads on the daily XRP graph in 57 to this writing, indicating ups in the upscale control. In addition, the current price is higher than the weighted moving average (VWMA) of $ 2.39, adding credibility to the climb. However, the ADX index (ADX) is in 18, which indicates twice the bullish direction. Therefore, there is unlikely that there is a lounge higher than a 2.50 dollar sign in the near -term if the basics of the current market remains in the game.
XRP prediction price
The XRP price touches at $ 2.42 and working above this level hints to the potential continuation of the upper side. The currency is likely to face initial resistance at $ 2.45. However, a stronger momentum will extend the upward trend, as the Xrpusd pair is likely to test the second resistance at $ 2.48.
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On the contrary, momentum will prefer sellers if the price decreases to less than $ 2.42. This first support that was created at $ 2.40 will witness. The bullish direction would be invalid if the price is less than this level. However, the controlled control by the sellers will reduce this level, with the second support that is likely to be $ 2.38.
