XRP price has broken the $2.30 support as its upward momentum signals weakness. The coin traded at $2.28, down by 0.4% on the daily chart at the time of writing. However, the momentum underlying the coin is still bullish-leaning, having gained 9.5% in the last week.
In addition, Bitcoin’s retest of the $95k mark has reignited investor confidence of the potential onset of bullishness in the broader crypto market. That will provide support for XRP price and limit the downside in the near-term. XRPUSD trading volume declined by 34% in the last 24 hours, signaling reducing selling pressure amid the price decline.
Meanwhile, the Securities and Exchange Commission (SEC) approved the ProShares XRP futures ETF on Monday, but investors are unmoved by the gesture. ProShares has lined up three products set to start trading on April 30. The coin has been trading in the $2.00-$2.35 range for the last three weeks, and that has resulted in a lack of FOMO. Therefore, a stronger shift in market fundamentals beyond futures ETF will be necessary for the coin to break out of the range.
Conversely, the absence of new developments in the market fundamentals could drive XRP price lower to the $2.00 support. The coin’s spot ETF applications are pending SEC approval, and will likely have more tangible impact on the XRPUSD pair than the futures ETF. Unlike spot ETFs, futures ETFs only track the price of the underlying product, meaning that investors don’t actually own the asset.
XRP Price Prediction
The momentum on XRP price signals that the sellers will likely stay in control if the coin fails to break above the $2.30 pivot mark. The asset will likely find the first support at $2.26. However, an extended control by the sellers could take the price lower and test $2.24.
Alternatively, moving above $2.30 will invite the buyers to take control. That will likely see the first resistance come at $2.31. Breaking above that level will invalidate the downside thesis. Also, such momentum could extend gains to test the second barrier at $2.33.
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