XRP XRP $2.13 24h volatility: 3.9%

is currently trading at $2.12, slipping 1% in the past 24 hours. However, the altcoin remains one of the top performers over the past week

XRP slips 1% after reclaiming 20-day EMA amid triple-top formation: Technical setup suggests immediate resistance at $2.20, further gains seen at $2.40.

XRP price slipped 1% over the past 24 hours, trading at $2.12 at the time of writing. The cross-border token is among the best performers in the past week, adding over 26% to its value as it continues recovering from March’s sell-off.

Earlier today, XRP price crossed above the 20-day exponential moving average (EMA) at $2.10, suggesting that short-term momentum remains in favor of the bulls.

However, despite the lackluster performance of most altcoins in 2024 so far, a triple-top formation on the hourly chart suggests that XRP could be poised for further gains.

According to crypto analyst Ali Martinez, the cryptocurrency is forming an ascending triangle, with resistance at the $2.22 level. Meanwhile, higher lows are forming the structure’s base, indicating growing bullish pressure.

A decisive breakout above the $2.22 resistance could pave the way for a rally toward $2.40, a level that also aligns with the upper boundary of the parallel channel visible on the chart.

This target zone is also confirmed by the Fibonacci retracement levels on the chart. After bouncing from the 0.382 level at $1.85 and reclaiming the 0.618 retracement near $1.98, XRP has shown technical resilience.

The 1.0 Fibonacci extension at $2.22 acts as the immediate resistance. Beyond this, the 1.272 level around $2.41 marks the next bullish target, lining up perfectly with Martinez’s outlook.

Notably, a break above $2.22, coupled with growing anticipation ahead of April’s pivotal events, could trigger rapid bullish momentum toward $2.40–$2.42.

On the other hand, failure to break above $2.22 might see XRP fall back to the mid-channel support at $2.0. If sentiment worsens, a dip toward the lower channel boundary near $1.85 remains possible.

April 16 and 21: A double catalyst

Crypto influencer John Squire has highlighted two key dates that may shift the entire narrative for XRP. In a recent post, Squire spoke about the U.S. Securities and Exchange Commission (SEC) case, which has been a significant factor in limiting institutional participation in crypto.

According to Squire, the case is now in its final stages, with April 16 marking the deadline for submitting final responses. A favorable conclusion to the case could pave the way for institutional participation and exchange listings.

Furthermore, April 21 could see SWIFT announce the integration of Ripple’s XRP into its global payments infrastructure.

“[April 16] is the deadline for the final response in the SEC case against Ripple. This case has been the single biggest hurdle to XRP’s growth in the US market. A favorable conclusion, or signs that the legal battle is nearing an end, could act as a massive unlock for institutional participation and exchange listings.

“[April 21] is the date that speculation has been building around SWIFT announcing the integration of XRP into its global payments infrastructure. Ripple already participated in SWIFT’s DLT interoperability pilots, and a confirmation of XRP integration could push the token into a new league as a mainstream financial asset.”

These events could decide the fate of XRP in 2024, with a favorable outcome potentially setting the stage for a strong rally in the second half of the year.

On-chain metrics

Despite the bullish technical setup and narrative catalysts, on-chain data reveals a more cautious picture. As of press time, these are the key observations:

Despite losing a third of its value from December 2023 highs, XRP has shown signs of recovery in recent weeks, rising 25% from March lows.

This rally has stalled at the 2023 Fibonacci 0.382 resistance, suggesting that bears might still have some control.

Moreover, on-chain data reveals that despite a 24-hour trading volume of over $3 billion, there has been minimal change in the total value locked (TVL) in XRP DeFi.

This lack of new capital flow suggests that the current price strength is more narrative-driven than fundamentally backed, increasing the risk of a retracement if upcoming events fail to deliver.

April trends and long-term outlook

According to CryptoRank data, XRP has seen an average gain of 24.3% in April across multiple years.

While XRP is currently lagging behind this average with a gain of 14.6% so far this April,