XRP Holds Steady at $2.09 Amid Large Token Unlock, Eyes $2.80 Target

XRP is currently trading at $2.09, showing a slight decrease of 1.03% in the last 24-hour period. The volume has a slight increase of 0.31%.

The cryptocurrency has been exhibiting several key technical patterns that have grabbed attention from traders. Will this result in a quick swing to $2.80?

Will XRP Defend $2.00 or Break Below Key Support?

A descending trendline can be seen on the chart, starting around the $2.50 level on March 25th and reaching the current price of $2.10. This trendline has been acting as a major resistance, rejecting the price continuously.

The XRP price action has honored these levels, with the 0.236 level serving as the immediate resistance just above today’s price at $2.10. The price trend has formed a clear consolidation zone between $2.06 (0 Fib level) and $2.15 (0.236 Fib level).

Furthermore, the XRP price has been consolidating in this zone since March 29th. A double top formation is formed near the $2.15-$2.16 level.

This bearish reversal pattern formed between March 30th and April 1st, with two distinct peaks at nearly identical price levels. The pattern indicates that there is a potential selling pressure, considering it occurred at the 0.236 Fib level ($2.15) and the descending trendline resistance.

The Relative Strength Index (RSI) stands at 40.53, below its moving average of 38.68. This is a slightly oversold situation.

The RSI has been oscillating below the centerline since March 26th, confirming the bearish mood in the market. However, the recent rise indicates a possible weakening of selling pressure.

A break above $2.16 could target the descending trendline at around $2.20, while a breakdown below $2.06 could target the $2.00 level. Key resistance levels are at $2.15 (0.236 Fib), $2.21 (0.382 Fib), and the psychological $2.20 level. 

Ripple Unlocks 1 Billion XRP, Price Holds Steady

Ripple starts the next round of the monthly XRP token distribution. This marks the second 500 million XRP supply flow. This move is part of Ripple’s long-term controlled release strategy designed to maintain market liquidity and stability.

As per the on-chain data, a total of 1 billion XRP were transferred as usual from an escrow wallet to a Ripple-controlled address on April 1 and April 2. That wallet already has 11 future unlock events scheduled, showing Ripple is staying on a clear and consistent path.

Typically, large unlocks like this create price volatility. But this time, bulls seem to be holding steady.

Written by
Sahil Mahadik

As a full-time trader with over three years of hands-on experience in the financial markets, I have honed an exceptional proficiency in technical analysis, which is the cornerstone of my daily monitoring of price fluctuations in leading assets and indices. My journey into trading began with a deep fascination for financial instruments, and this curiosity naturally expanded into the ever-evolving world of cryptocurrencies. I am currently contributing to CryptoNewsZ and have also written for Coingape, The Coin Republic and TheMarketPeriodical. I am driven by my passion for the markets and want to explore new opportunities, I analyze emerging trends and strategies to get maximum returns in traditional and crypto markets.