XRP Price is rising, climbing over 3% to trade near $2.19 on Thursday, as the broader cryptocurrency market shows renewed strength. The digital asset is nearing a confluence resistance level at $2.21, formed by the 50-day and 100-day Exponential Moving Averages. A successful move past this point, and a four-month descending trendline resistance just above it, could set the stage for a push toward the $3.00 mark, a price last seen in early March.
The surge in the crypto market follows the Federal Reserve's decision to keep interest rates unchanged. Chairman Jerome Powell emphasized a cautious approach, stating the central bank would await additional economic data before adjusting monetary policy. This decision came amidst market volatility and concerns over tariff policies championed by United States President Donald Trump.
While the market remained stable during Powell's press conference, it gathered momentum in the subsequent Asian trading session. CoinGecko reported the total crypto market capitalization increased 1.2% to $3.175 trillion, indicating a widening positive trend. Major digital assets, including XRP, recorded gains over the past 24 hours.
Derivatives market data points to increasing trader interest in XRP. Open Interest rose 2.46%, suggesting new capital is entering the market. Options Open Interest also saw a significant jump, rising 20.45% to $1 million over the last day, according to CoinGlass data, signaling heightened speculative activity.
The long-to-short ratio for XRP stands at 1.0218, reflecting a bullish bias as more traders position for price increases. This optimistic sentiment is reinforced by activity from large volume holders.
Santiment's Supply Distribution metric shows wallets holding between 10 million and 100 million XRP have increased their share of the supply. This cohort now accounts for 12.22% of the total supply, up from 10.47% in February. This accumulation by large investors suggests confidence in future price appreciation.
Despite the positive signs, XRP faces overhead resistance. The SuperTrend indicator remains above the price, suggesting the general trend currently leans against a rapid uptrend. This, combined with the proximity of key moving averages and the long-term descending trendline, indicates challenges remain for bulls. A failure to break above $2.21 could see the price retreat toward the 200-day EMA at $1.99 or potentially test the April 7 low near $1.62.
Market analysts continue to debate XRP's long-term potential. Some point to XRP's historic performance, noting a massive percentage increase during the 2017/2018 period, to argue that large future gains are possible despite current market cap constraints. Analyst BarriC insisted that large upward moves are possible, citing historical precedent.
To reach price levels such as $1,000, XRP would require a substantial percentage surge from its current price. However, critics argue that market capitalization considerations make such targets highly improbable, with one finance expert quoted as calling predictions even for $100 unrealistic.
