XRP price has extended its uptrend on Saturday, trading at $2.24 after gaining 2.7% at the time of writing. The gain came a day after the world’s first XRP ETF started trading in Brazil. XRP has gained 8.8% in the last week, and its year-to-date gains also turned green this week. Notably, the coin had recorded two successive loss-making days prior to Saturday’s gains, going against the broader crypto market.
The next major resistance level for XRP price is likely to be at $2.25, and breaking above that level could build traction to break outside the $2.00-$2.30 range that the coin has been stuck in for the last two weeks. HashDEX’s XRPH11 ETF launched in Brazil on Friday trades at the B3 exchange and is 95% backed by the coin. It underpins the the growing acceptance of the coin in the mainstream financial markets.
Elsewhere, Japan’s popular online marketplace, Mercari has added support for XRP. The e-commerce platform has more than 20 million active users and enables them to keep their balances from the sale of unused items in the form of Mercari points. Henceforth, users are able to convert their Mercari points to XRP, creating significant utility for the coin.
XRP Price Trend Analysis
As seen on the daily chart below, XRP Price has been on a descending channel since mid-January. It broke upwards from the upper band four days ago, and has held on above that level since that time. The RSI on the daily chart reads 56, signaling bullish control. The coin will likely break above the $2.30 barrier if it keeps action above the upper channel band corresponding to $2.08.
Conversely, breaking below $1.89 will raise the prospect of a steeper decline. The near-term support for the upside will likely be at the psychological $2.00 mark. However, much of the XRP price momentum will depend on the trading volume. As of this writing, the coin’s 24-hour trading volume is down by 16.4%, hinting to a weakening uptrend.
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