The post Shows Promise as Trading Volume Supports Bull Case Above $2.32 appeared on BitcoinEthereumNews.com.

TLDR XRP has tested the $2.50 resistance level four times in the past week while maintaining support above $2.32, showing persistent bullish pressure despite short-term range-bound trading Trading volume data indicates overall higher buying pressure in recent months, though momentum has slowed in the past two weeks Two major liquidation clusters have formed near $2.26 and $2.54, marking key price levels that could trigger significant market movements Technical indicators show a bullish trend line forming with support at $2.38, with the price trading above the 100-hour Simple Moving Average The cryptocurrency has successfully defended the 78.6% retracement level, suggesting a potential uptrend if price breaks above the $2.50-$2.70 range XRP’s price action has shown remarkable stability in recent trading sessions, maintaining support above $2.32 while repeatedly testing the crucial $2.50 resistance level. Over the past week, the digital asset has made four distinct attempts to breach this key price point, demonstrating persistent buying pressure despite short-term consolidation. The cryptocurrency’s recent price movements have established a clear trading range between $2.30 and $2.50, with notable volume clusters forming at these boundaries. This range-bound activity comes after a volatile start to February, where trading volumes reached elevated levels. Technical analysis of the daily chart reveals an interesting development in buying pressure. The On-Balance Volume (OBV) indicator has maintained an upward trajectory over recent months, though this momentum has experienced a slight deceleration during the past two weeks. This subtle shift in volume patterns provides valuable insight into the current market structure. In the four-hour timeframe, price action has formed a distinct pattern, with a key bullish trend line emerging at the $2.38 level. The asset currently trades above both this trend line and the 100-hour Simple Moving Average, suggesting underlying strength in the current market structure. Liquidation data has revealed two notable…

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Filed under: News - @ February 13, 2025 4:20 pm