XRP price traded downward on Tuesday, with resistance persisting at the $2.47 level. The coin has formed two long rejection wicks at that level, signaling an exhaustion of the upward momentum. XRPUSD was at $2.44 at the time of writing, having subsided from an intraday high of $2.47.
The weekly momentum on XRP price is still bullish-leaning, with the coin having gained 4.6% in the last seven days. In addition, its 24-hour traded volume was down by 17% at press time, signaling decreasing selling pressure amid XRP price decline. That will likely provide near-term support to the coin’s upward momentum, raising the prospect of a break above $2.47.
Why XRP Price Could Explode
XRP price has an underlying strong bullish sentiment resulting from the Securities and Exchange Commission (SEC) decision to withdraw its appeal against Ripple Labs. However, the upside has so far been limited by trade tariff war concerns and the SEC’s delayed release of an official statement confirming the appeal withdrawal.
However, the coming days could see XRP break out strongly, as US President Donald Trump signals willingness to compromise on the reciprocal tariffs expected to kick in from April 2. In addition, the SEC will almost certainly confirm its withdrawal of the appeal. This scenario sets up XRP price for a potential scintillating run.
XRP Price Prediction
The momentum on XRP price calls for further upside above the pivot mark at $2.43. The buyers will likely meet resistance at $2.46, but a stronger momentum could enable them to break above that level and potentially test the second resistance at $2.47.
Alternatively, the momentum could shift to the downside if the XRPUSD pair breaks below $2.43. With the sellers in control, the downward momentum will likely find the first support at $2.41. In addition, breaking below that level will invalidate the upside thesis. Also, the resulting momentum could extend the downside and test $2.40.
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