XRP's Current Price Stands at $2.87, Indicating a Bullish Trend According to Technical Analysis

In the cryptocurrency market, XRP has seen a significant surge in the past few days. The Network Value to Transactions (NVT) ratio of XRP has reached its highest point in two months, indicating increased investor interest.

Over the last month, this interest has translated into substantial purchases, with a total of 1.9 million tokens of XRP being bought by investors. This surge has propelled XRP above the 200-EMA at $2.88, a significant milestone, and has brought it close to the $2.95 resistance level.

Analysts like Dark Defender are predicting that XRP is likely to retest the $3 resistance level, with RSI indicators supporting this view. The RSI for XRP currently stands at 58, indicating room for additional bullish movement.

The symmetrical triangle pattern that XRP is forming, with support at $2.76 and resistance at $2.95, suggests that a breakout above $2.95 could potentially propel XRP toward the $3.04 mark. However, a drop below $2.76 could put XRP under bearish pressure, with subsequent support at $2.70 and $2.63.

Monday's session saw XRP jump from $2.83 to $2.88, briefly testing $2.92 on volume six times the average. The 50-EMA and 200-EMA for XRP converge at $2.82 and $2.88 respectively, providing a potential support level if the price were to correct.

The Federal Reserve's upcoming meeting on September 17 could influence institutional flows into cryptocurrencies like XRP. Futures markets are pricing in a 99% chance of a 25-basis-point rate cut, which could further boost the crypto market.

Reports suggest that 340 million XRP has been accumulated by whales in recent weeks. While this accumulation is a positive sign, historically, such spikes have sometimes preceded a slowdown in accumulation momentum.

The net position change for XRP is at its highest in approximately two years, reflecting the increased interest in the cryptocurrency. However, the SEC's October rulings on spot XRP ETF applications remain a key longer-term catalyst that could significantly impact price movement around the $3 level.

Market analyst Dom has flagged +10M XRP net buy pressure within a 15-minute window during a recent breakout attempt, further indicating strong investor sentiment.

As of now, XRP is trading at $2.87, an increase of 2.39% in the last 24 hours. The daily trading volume of XRP exceeds $3.52 billion and its market value is $170.76 billion.

With the Federal Reserve's rate cut decision and the SEC's ETF rulings looming, the next few weeks could be crucial for XRP's price movement.

XRP's Current Price Stands at $2.87, Indicating a Bullish Trend According to Technical Analysis