• XRP has traded around $2.55 over the past 24 hours. 
  • The market saw $10.62 million in XRP liquidations.

Ripple’s XRP is fighting to escape a bearish grip. Analysts foresee that clearing this hurdle could trigger a climb toward new highs. XRP’s recent rally looks shaky, with the gains hinting at a potential fakeout. 

XRP stays below $2.60, and the testing phase endures. The altcoin recorded a 4.18% decline in the last 24 hours. XRP visited its daily high of $2.73 in the early hours, from the lowest price marked at $2.55. 

At the time of writing, the altcoin trades at $2.55 with its daily trading volume reaching $4.73 billion. The market has witnessed a $10.62 million liquidation of XRP during this interval.

Notably, the Securities and Exchange Commission (SEC) has received a filing from MEMX, a U.S. securities exchange, for the listing of an XRP ETF categorized as a “Commodity-Based Trust.”

Can XRP Regain Momentum?

XRP price could face a steady pullback if it slides below the $2.47 range. A break below this level with selling pressure might lead to further downside toward $2.20. This could delay the recovery attempts, opening the door to further losses.

Assuming XRP holds the $2.62 range firmly, it could push past the $2.70 threshold. In the event of forming the golden cross, the asset could retest its crucial resistances, and if broken, it could be gearing up for a run at the $3 mark. 

The Moving Average Convergence Divergence (MACD) line of the asset crosses below the signal line, indicating bearish momentum. It is considered a sell signal or a sign to exit positions. The bearish crossover hints that the market could continue moving lower. 

Will XRP Surge Ahead or Fade Into Uncertainty? image 0 XRP chart (Source: TradingView )

In addition, the Chaikin Money Flow (CMF) indicator positioned at -0.14, suggests moderate selling pressure. A negative value hints at more selling than buying. Concurrently, XRP’s daily trading volume has increased by over 14.12%.

The 24-hour trading chart of the altcoin exhibits Bull Bear Power (BBP) value at -0.0245, pointing out that bears are slightly in control of the market. XRP’s daily relative strength index (RSI) lay at 46.18, which is in neutral-to-bearish sentiment.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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