XRP is witnessing a delayed breakout move as the price dips by over 5% in the last 24 hours. Activities on the XRP marketplace suggest lingering selling pressure might be responsible for keeping XRP down. However, a technical indicator shows a breakout remains possible.
XRP’s support at $2.83 remains critical for bulls
According to data, XRP’s Bollinger Bands on the three-hour chart are showing huge dilation. This accounts for the intense volatility that the asset is experiencing on the market.
A close analysis of this technical indicator shows that prices have already hit the lower Bollinger Bands at $2.85.
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This development suggests that despite the delays, a breakout is on the horizon. Once XRP can overcome this volatility and find stability, prices are likely to regain the $3 level at around $3.08.
The decline was triggered as traders exited positions after the coin plunged below $3. There appears to be an air of uncertainty among investors in the broader financial space, resulting in cautious trading.
The coin slipped from an intraday high of $3.02, breaching the psychological $3 level to its current position.
As of press time, XRP is changing hands at $2.83, which represents a 5.68% decline in the last 24 hours. However, trading volume remains up by 8.64% at $7.59 billion within the same time frame.
Long-term outlook points to eventual breakout
As previously reported by U.Today, the current $2.83 price level remains a critical spot for the coin. The support was where bulls stepped in to prevent further decline in the past. The asset’s upward journey in the event of a breakout will have to overcome the $3.10 resistance level.
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Meanwhile, Raoul Pal, Global Macro Investor chief executive, believes XRP is in long-term consolidation and would break out soon.
How soon this will be for an asset that has shown resilience in recent times is what investors have to wait and find out.
