Investor attention is increasingly turning to XRP price as it hovers around a critical consolidation zone.
Summary
- XRP trades around $2.42, holding steady after a sharp market drop earlier this month.
- The 20-day SMA crossing above the 50-day SMA signals a possible bullish reversal, though price remains capped below key resistance at $2.50–$2.70.
- Institutional interest and DeFi expansion continue to support sentiment, but traders await confirmation of a breakout before taking new positions.
XRP is trading at $2.42, up 0.62% over the last 24 hours but still down 0.83% for the week, per market data from crypto.news. After the October 10 market crash, the Ripple token lost the strong support level it had maintained since July, flipping the level to resistance.
On recovering from the crash, XRP (XRP) began consolidating and is now forming a symmetrical triangle pattern on the charts. This consolidation shows the market uncertainty but also hints at a potential breakout that could set the next major trend for the token.
Market confidence around XRP is growing as positive developments continue. One of the world’s largest asset managers, T. Rowe Price, recently filed with the SEC to launch a new crypto ETF that includes XRP among other big-cap assets like Bitcoin (BTC) and Ethereum (ETH). The move adds to the institutional buzz around the token, and its inclusion in these products signals rising acceptance, giving it more visibility among retail investors.
Adding to this momentum is XRP’s growing footprint in DeFi. The launch of FXRP on the Flare Network has made Flare the top DeFi platform for XRP. Over $86 million in wrapped XRP has flowed into the system, increasing the token’s utility.
With these trends taking h
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Author: Grace Abidemi
