XRP is still trading below $2.1, eyeing $2.5 resistance: see forecast
Key receivers
XRP is trading above $2.0 after adding 1% to its value in the last 24 hours.
If it holds the $2.0 psychological level, XRP can rally towards the $2.5 psychological range.
XRP is approaching the $2.1 technical area.
The Ripple ecosystem's native coin, XRP, is up 11.5% year-to-date and has maintained its value above $2.0.
The coin has now gained 1% in the last 24 hours and is currently trading at $2.06 per coin. The positive performance comes as the broader cryptocurrency market recovers, with Monero's XMR leading the charge.
Despite the recent price slowdown, growing institutional demand for the XRP ETF supports strong performance in the medium to long term. In addition, the Senate's hopes of passing the market structure bill will confirm long-term price targets. If the US Senate approves the Market Structure Act in the coming days or weeks, XRP could return to the $2.5 or $3.0 psychological level.
However, cooling demand from institutional and retail investors could negatively impact XRP's performance in the near term.
XRP targets $2.5 as support levels remain
Although Ripple has added 11% to its value since the beginning of the year, the 4-hour chart of XRP/USD is weak and bearish. However, the structure may soon change as it holds critical support levels.
The moving average converging divergence (MACD) lines are in the negative territory, indicating a bias. RS also stands at 43, below neutral 50, indicating that the sellers are currently in control.
If the bearish bias continues, XRP may drop below $2.0 and test the $1.92 support level. An extended bullish run sees the cryptocurrency touch the $1.81 support for the first time since December 31st.
However, if the current support level holds, XRP may rally to the recent resistance level of $2.2. A candle that closes daily above this level brings the $2.5 psychological range into focus.
