Rise in XRP (XRP) trading volume by 11% propels token past descending trendline, marking an upward trend.

In the cryptocurrency market, Ripple's native digital asset, XRP, has been trading within a descending parallel channel since August 2. This channel, characterised by lower highs and lower lows, suggests a bearish trend for XRP.

Recent on-chain data from Glassnode shows an uptick in distribution among market participants. XRP's exchange reserves have increased by 2% since August 27, indicating a higher supply of XRP available for trading.

The MACD indicator for XRP remains bearish since July, raising concerns of a potential dip in the price of XRP. If buyers fail to reclaim momentum above $2.87, there are risks of a potential dip to $2.63 or even $2.39.

However, traders remain heavily positioned at both $2.70 support and $2.825 resistance levels. A break above the $2.825 level could potentially trigger a 10.5% rally towards $3.10.

Currently, XRP is trading at $2.80, up 1.35% in the last 24 hours. The current price action suggests that a quick rally could materialize if XRP can clear the $2.825 level.

The 15-day and 21-day Exponential Moving Averages (EMAs) are currently acting as resistance levels for XRP. Each attempt by XRP to break above this bearish structure has been met with strong selloffs, preventing any successful breakout.

On the bright side, the TD Sequential indicator for XRP is flashing a buy signal, potentially indicating a bullish reversal. It's worth noting that there has been an 11% increase in XRP's trading volume in the last 24 hours, suggesting increased market activity.

Binance's exchange reserves for XRP have also seen an increase, with 61 million XRP added during the same period, reaching 3.538 billion as of September 1. Nearly $10 million worth of XRP tokens have been moved onto exchanges in the last 24 hours.

As of now, there is no specific or detailed public information available about the current positioning of major hedge funds and institutional investors regarding XRP. The search results focus more broadly on other cryptocurrencies, altcoins, and market developments, without concrete data on XRP investment by large institutional players.

The major liquidation levels for XRP are at $2.70 (support) and $2.825 (resistance). Traders are heavily betting on long positions for XRP, with the current value of long positions standing at $77 million, while the value of short positions is $19.55 million.

In conclusion, the current trend for XRP remains bearish, but a potential bullish reversal could be on the horizon. Traders should closely monitor the $2.825 level for a potential breakout, which could trigger a rally towards $3.10. However, it's important to remember that the cryptocurrency market is highly volatile, and investors should always do their own research and consider their risk tolerance before making investment decisions.

Rise in XRP (XRP) trading volume by 11% propels token past descending trendline, marking an upward trend.