XRP Bounces Back as Bulls Defend Key Technical Support

1 day ago 5

Global economic tensions and trade disputes continue to influence cryptocurrency markets, with XRP demonstrating remarkable resilience despite recent capital outflows.

The digital asset saw its market capitalization fluctuate from $137.5 billion to $133.39 billion before partially recovering to $135.86 billion, highlighting the ongoing volatility.

Despite these challenges, XRP maintains position above critical technical support levels including the 50-day SMA at $2.26, suggesting underlying strength in its market structure.

Technical Analysis Highlights

Price range: XRP traded between $2.275 and $2.356, representing a 3.56% range over 24 hours.
Volume support: Significant volume spike to 71.18M at the $2.275 level during the 01:00 hour on May 27.
Consolidation pattern: Hours following the initial support showed price consolidation before renewed buying.
Secondary volume surge: Another high-volume increase to 74.36M during the 13:00 hour pushed prices toward range highs.
Key resistance: Established at $2.355-$2.356 level.
Support zone: Strong support identified at $2.275-$2.290 range.
Hourly volatility: Notable price surge from $2.330 to $2.356 between 13:08-13:18.
Volume confirmation: Exceptional volume spike of 6.28M at 13:13 supported the rally.
Correction support: Price found support at $2.324 around 13:51 before recovering.
Bullish pattern: Formation of a channel pattern with higher lows suggesting continued positive momentum.

External References