The XRP price fell by over 2.25% in the last 24 hours as it performed below the broader cryptocurrency market. Despite this mildly negative outlook, the XRP technical chart signals a rally might be underway, as XRP’s Bollinger Bands indicate a potential breakout.
XRP holds key $2 support as Bollinger Bands tighten
Data from CoinMarketCap reveal that the XRP price has been trading between a low of $2.06 and a high of $2.13 within this period. That is, despite the price decline, the coin is holding steady above the $2 support zone and the lower Bollinger Band of $2.05.
XRP’s middle and upper Bollinger Bands sit at $2.07 and $2.08, respectively. With XRP currently trading within these zones, the coin is likely to witness a breakout if market conditions align.
Notably, XRP bulls need to step in and ensure the trading volume exits the red zone for this to happen. Volume is currently down by 30.42% at $2.53 billion, possibly due to the market-wide sell-off triggered by profit-taking within this period.
XRP Price Chart | Source: TradingView/CoinMarketCapFor clarity, XRP is liquidity sensitive, and its price movement generally reflects market moves. Hence, when Bitcoin and Ethereum faced rejection, it accelerated XRP’s decline.
However, with the asset’s Bollinger Bands setup, XRP might rebound soon. As of press time, the XRP price was exchanging hands at $2.06, which represents a 2.6% decline in the last 24 hours. If the coin is able to close above $2.09, which is higher than the upper Bollinger Band, a recovery move could be confirmed.
Market participants would need to focus on XRP’s price movement in the next 48 hours to confirm a possible rally. More importantly, the asset’s trading volume has to exit the red zone to rekindle investors’ confidence.
Rising interest and Binance integration fuel XRP’s outlook
According to a U.Today report, there is growing interest in XRP. On social media platform X, the number of searches for the asset recorded a spike amid recent development. XRP ranked at the top with other notable cryptocurrencies like Bitcoin and Ethereum.
The development suggests that potential investors might be monitoring XRP’s performance and outlook. If so, stability in price could attract more investors, which could boost the price in the long run.
Meanwhile, XRP is working on a major integration with the Binance team. EasyA cofounder Dom Kwok recently hinted at a “very bullish” meeting with the BNB team. If the partnership sails through, it has the potential to expand XRP’s reach in the crypto sector.
Source: https://u.today/xrp-price-ready-for-next-mega-rally-bollinger-bands-signal
