However, data suggests this surge might not last. XRP’s trading volume has dropped 22% in the past day, now standing at $22.39 billion. A price increase with declining volume often signals weak buying interest, making the rally fragile.
Another concerning factor is XRP’s negative Balance of Power (BoP) indicator, currently at -0.57. This suggests selling pressure remains strong despite the price hike, increasing the risk of a reversal.
At the moment, XRP is trading at $2.57, up 45% from its Monday low of $1.77. If demand remains weak, the token could drop to $2.13. A further breakdown could push it below $2, possibly reaching $1.48, a level last seen in November.
On the other side, if fresh interest arises, the price of XRP could go up as high as $2.94. Investors remain cautious until now, with the market awaiting signs of sustained demand.
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2025-02-04 06:11:43
