The XRP price is trading within a narrow range below $2.5, which has now become one of the important levels to reverse the ongoing trend. With this, the investor’s interest in the token appears to have waned as the token has not displayed any major price action. Besides, the volume has dropped heavily from the levels above $4 billion to the levels around $2 billion, which substantiates the bearish claim. However, a couple of catalysts are expected to enhance the volatility, which could probably push the price above the accumulated range.
Besides a potential XRP ETF, the platform’s stablecoin, RLUSD, is gaining more ground after the US government unveiled the Genius Act to legalize its usage. On the other hand, XRP is slowly challenging the dominance of SWIFT with instant settlement and cheaper transaction fees. In a recent development, the Dubai government has chosen the XRP ledger to power its real estate tokenization project, which aims to digitize $16 billion in property assets by 2033. This is believed to accelerate the mainstream adoption significantly.
So what’s in store for the XRP price ahead of the monthly close?
As seen in the above chart, the XRP price remains stuck below the descending trend line, which has been pushing the token lower. Meanwhile, the failure of the price to rise above the local resistance at $2.5 has also negatively impacted the rally. After a 6-month-long consolidation, the price seems to have been reconsolidating before marching towards new highs. Reclaiming the 200-day EMA and maintaining a consecutive higher high shows the growing strength of the bulls. However, until the price breaks the trend line and reaches the crucial resistance zone around $2.8 via $2.5 resistance, the accumulation may prevail.
The RSI remains glued along the neutral range while the MACD indicates the selling pressure persisting over the rally. However, the levels remain within the positive range that keeps the bullish hopes alive. Therefore, the XRP price is required to break above the $2.5 resistance zone and sustain without facing a rejection, which may pave the way for new highs at $4. Otherwise, the token may continue to extend the horizontal consolidation.
