Decoding XRP resistance levels – Can the $2.3 hurdle be cleared?

• XRP saw high drains from exchanges, bull sign contrast with a declining network activity and retail interest
• Increased demand for XRP in the last week and shift of momentum were early signs of bull

Wave [XRP] Bulls tried and failed to break the resistance zone $ 2.3 on July 3. Technical analysis showed that this level was close to the level of medium resistance to $ 2.27.

AlTcoin traded to this extent since March. Metric analysis on the chain revealed The fact that more than 1 billion XRP tokens were moved from stock exchanges. He was a strong catalyst that signaled accumulation and could help drive another rally.

Ripple’s suffering continued on the legal front cross -firing With LINQTO, the Securities and Stock Exchange Commission (SEC) and the Ministry of Justice (DO).

This development did not help with the chances of XRP.

XRP resistance levels are over their heads, but will they be overcome?

The weekly chart has shown that the overall rocking structure of the XRP remains bull. After a strong assembly in November, the asset set a higher minimum at $ 1.61.

However, the internal market structure has become bearish. Since March, the resistance zone consistently rejected bull experiments since March.

Another key observation is a constant decline in the volume of trading since February.

20 -week gliding diameter of the volume of trendy downwards and indicates that XRP is currently in the consolidation phase in a higher time frame.

The daily chart emphasizes the importance of supply zone 2.27 – $ 2.32, which served as the main level of resistance during June. So far, the bulls have tried to break over this level.

At the time of writing in June, the volume (OBV) is directed downwards and signals the weakening demand. However, the demand has increased slightly in the last week.

Meanwhile, the relative force index (RSI) climbed above the neutral mark 50, suggesting that the bull momentum is beginning to build.

From a technical point of view, swing traders can consider long if XRP successfully repeats $ 2.32 as support.

Despite the improvement of the price action, a decline in transaction activity It points to fading interest from retail investors.

The network value ratio to transactions (NVT) also shows low activity on the chain and strengthens concerns about the weak network use.

Resistance of liability: The information presented does not represent financial, investment, trading or other types of advice and are merely the opinion of the writer