XRP price has reinforced support at the $2 mark after spiking by 3.7% to trade at $2.14 early on Tuesday. The gains are supported by a 22% jump in trading volume in the last 24 hours, with the daily RSI bouncing off from near oversold territory. Also, Securities and Exchange Commission (SEC) is scheduled to hold a meeting on April 3 and XRP spot ETF application could get a mention.
The momentum on XRP price has not really lived to expectations after Ripple Labs settled with the SEC to settle a legal battle that had been ongoing for over four years. The XRP issuer agreed to pay a reduced $50 million fine, down from an earlier $125 million ordered by Federal Judge Analisa Torres. However, the bearish sentiment in financial markets triggered by trade tariff fears have subdued gains by XRP price.
Over the last three weeks, XRP price has been in a correction phase, subsiding from highs of $3.20 to stay in a narrow $2.20-$2.30 range for the better part of that period. More recently, the coin has struggled to stay above the Volume Weighted Moving Average (VWMA), underlining the prolonged bearish momentum. Therefore, it will need to reclaim the VWMA level as support to gain traction for a potential reversal.
XRP Price Prediction
XRP price pivots at $2.12 and the upside will continue if action stays above that level. It will likely encounter initial resistance at $2.18. Clearing that barrier could signal a stronger upward momentum that will likely test $2.22, where the previous rebound was rejected. A move above that level could signal the onset of a reversal.
Conversely, going below $2.12 will signal control by the sellers. In that case, the coin will likely find initial support at $2.08. Breaking below that level will invalidate the upside narrative. In addition, an extended control by the sellers could send the price lower to test $2.05.
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