- XRP Forms Bull Flag as Volume Surges 15% in 24 Hours
- MACD Nears Bullish Crossover, Signaling Upside
- Coinbase Futures Filing May Boost XRP Liquidity
XRP currently holds a position barely above its vital support at $2.00. The token is showing signs of a bullish breakout as trading volume increases and volatility indicators tighten. Market watchers are closely monitoring the $2.28 resistance level. Legal news and institutional developments are also influencing the price action.
XRP Price Consolidates Ahead of Key Resistance Zone
XRP is currently forming a bull flag pattern, a technical setup often seen before upward price movements. The token has maintained support at $2.00 and is testing resistance around $2.28. A daily close above this level could lead to further gains.
Analysts are monitoring whether XRP can break out toward the $2.58 level, which would signal renewed buying strength.Bollinger Bands on the daily chart have tightened, suggesting an increase in volatility could follow.
The Moving Average Convergence Divergence (MACD) is nearing a bullish crossover, often seen before trend changes. The Relative Strength Index (RSI) remains neutral at 42 but could rise if demand grows. XRP has also seen a 15% increase in trading volume in the past 24 hours, supporting the current price activity.
Legal Developments and Institutional Demand Influence XRP Movement
The Ripple v. SEC lawsuit continues to affect market sentiment. A recent emergency filing introduced new information about XRP’s classification. While the SEC has not commented, traders are watching for updates that may influence future price action.
This comes as regulatory discussions in the U.S. begin to focus more on crypto, including stablecoins.Meanwhile, strong retail demand in South Korea remains a factor. Upbit, the country’s largest exchange, holds over 6 billion XRP, representing around 5% of the total supply.
In addition, Coinbase recently submitted a filing to the CFTC for XRP futures, with a possible launch on April 21. If approved, this could add institutional liquidity and affect XRP’s short-term direction.
