XRP, the fourth-largest cryptocurrency by market capitalization, hit a high of $2.476 on May 10 in a three-day climb. Now its price has pulled back slightly, settling at about $2.3 at the time of writing.
XRP has recently exhibited strength, returning to trade above the much-watched daily SMA 50 at $2.167 after falling below it at the beginning of May.
The recent bullish momentum in the broader cryptocurrency market, which saw Bitcoin surpass $104,000, has helped lift XRP’s price. According to CoinMarketCap, XRP is trading at $2.377, down 1.91% in the last 24 hours but up 8.42% weekly.
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The drop in the last 24 hours might be typical market behavior as traders and investors take profits following a major price surge, creating a basis for future moves.
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Bigger move ahead?
With the XRP price remaining 8.42% higher over the past week, the consolidation at $2.3 could suggest that XRP may be building up momentum for another major move.
The crucial question is whether the current consolidation will result in another upward breakout or if the bears will regain control. XRP's price behavior over the next few days might be crucial in deciding its short-term trajectory.
If XRP can maintain above its current levels, it could trigger further buying pressure and continue its uptrend.
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Key levels to watch
On the upside, $2.50 remains a key resistance level. If XRP can decisively break above this level, it could pave the way for a move toward higher levels, maybe targeting the $3.00 mark.
The 50-day and 200-day moving averages would also be watched for signs of sustained bullish momentum. If the XRP price maintains above these moving averages, the overall trend remains bullish.
In the coming days, XRP is expected to make a moving average crossover on its daily chart, which might result in a bullish golden cross or a bearish death cross.
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