XRP/USD Daily Chart (Binance) – Source: TradingView
Trading volumes have increased by 53% to $7 billion as traders seem to be getting ready to come back to the market. The Fear and Greed Index remains heavily depressed at 12, but, as we mentioned in previous XRP price predictions, this is often a contrarian signal that could confirm a local bottom.
Now, the token could rise to $2.5 to retest the 200-day exponential moving average (EMA) from below, making this the key resistance to watch.
Meanwhile, if we get a successful retest of the upper bound of the falling wedge, the price could rise even further, as that would confirm that buying pressure is strong.
The Relative Strength Index (RSI) just popped up above the 14-day moving average, reflecting that positive momentum is accelerating. Paired with a shift in the market’s perception of how interest rates will evolve and the launch of these ETFs, the stage looks set for a big bounce.