After experiencing a few days of market volatility, XRP faces a crucial resistance that will determine its future price trajectory. Market participants are anticipating XRP’s next big move.

XRP key resistance

The price of XRP is currently pegged at $2.20, down 4.9% in the past 24 hours. Within this time frame, XRP touched a high price of $2.31, underscoring how much the resistance wall lies at the $2.30 level.

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The daily chart shows that XRP has yet to enter a consolidation channel that would later become a foundation for recovery. Instead, bears have been continuously pushing ADA down, as seen in the daily decline. 

XRP 1D Price Chart. Source: CoinMarketCap

Also, traders are slowly dropping support for the crypto, as the volume profile indicates. Within the last 24 hours, the trading volume declined by 14.16% to $4.6 billion, showing reduced investor interest. 

XRP has stayed above the $2 threshold despite its intense bearish pressure. If the bulls can make a comeback, the move to flip the $2.30 level could be successful in the short term. 

However, traders are unlikely to see sharp ups or downs in the near future.

Massive XRP outflows

Meanwhile, U.Today reported a mysterious large-scale transfer of XRP coins to the leading U.S. crypto exchange, Coinbase. Notably, over 30.17 million XRP, valued at about $69.24 million, were moved from an unknown wallet address to Coinbase. 

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Many market participants expressed concern that the large XRP transfer hinted at a potential market sell-off. In contrast, others opined that the whale is likely purchasing and withdrawing assets from the centralized exchange into personal custody. 

Despite having no direct affinity with the transfer, such a move might nonetheless generate disruptions for the token. XRP is still finding its balance, and a major crypto market recovery could help boost the price, boosted by a major XRP Ledger milestone.

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