XRP price has returned to the downside on Tuesday, trading at $2.18 at the time of writing after declining by 2.22%. The crypto coin previously registered gains in the last two successive sessions, meeting resistance at $2.35, which has been a barrier for the last three weeks. The coin is flashing signs of an imminent breakout to the upside, having recovered from a double bottom pattern.
However, the momentum on XRPUSD is currently downward-leaning, with the daily RSI at 46. In addition, the coin trades below the Volume Weighted Moving Average (VWMA) level which is at $2.26 as of this writing. Furthermore, the falling prices is accompanied by a 57% spike in trading volume in the last 24 hours. This points to rising selling pressure that raises the prospect of an extended downside in the near-term.
On a positive note, Securities and Exchange Commission (SEC) and Ripple officially filed a joint motion asking a federal court to terminate an appeals case lodged by the regulator against the XRP issuer. The court’s decision is likely to come out in June, and that could provide support to the coin’s upside.
A strong technical breakout is unlikely in the near-term, but a move above $2.50 could spark a stronger bullish hold. On the macroeconomic front, XRP price and the broader crypto market pivots on the risk sentiment created by the Middle East conflict. Increased risk aversion could potentially bring headwinds.
XRP Price Prediction
XRP price pivots at $2.23 and the momentum calls for further downside below that level. That will likely see the first support established at $2.16. An extended control by the sellers will break below that level and potentially test $2.10.
On the other hand, going above $2.23 will shift the momentum to the upside. With the buyers in control, initial resistance will likely be at $2.29. Breaking above that level will invalidate the downside narrative. In addition, it could pave the way for further gains to test $2.34.
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