XRP traded at $2.29

XRP, the seventh largest cryptocurrency, traded at $2.29 on Saturday morning, showing minor volatility as it stayed within a defined range on the 1-hour chart. The world’s leading cryptocurrency, Bitcoin, rose slightly over the past 24 hours, remaining above the $26,000 mark.

Here's a breakdown of the latest XRP price analysis:

* Minor volatility seen as XRP oscillates within a defined range on the 1-hour chart.

* A mild bullish flag or rectangle pattern appears to be developing, which could indicate continuation moves.

* Breaking above $2.30 with a retest would suggest scalper’s entry for a potential short-term rally.

XRP has been consolidating after a sharp upward movement, with prices ranging between $2.25 and $2.30. Low volume on red candles indicates selling exhaustion, which could be setting the stage for a bullish setup in the short term. A mild bullish flag or rectangle pattern appears to be developing, a formation that is often associated with continuation moves in technical analysis.

If XRP manages to break above the $2.30 level with a successful retest, it would signal scalper’s entry for potential short-term rally. On the other hand, a drop below $2.25 suggests a loss of momentum and the possibility of a deeper retracement.

On the 4-hour chart, XRP is consolidating in a defined range between the $2.26 support and $2.36 resistance. The price recently peaked at $2.362 before pulling back, and the current action is forming a base around the $2.29 to $2.30 zone.

Decreasing volume after the peak to $2.362 reflects fading upward momentum, a typical precursor to either a breakout or a breakdown. A move above the $2.36 resistance with strong volume would support the case for a bullish continuation toward the $2.50 zone.

However, a breach below $2.26 could negate this consolidation structure and invite further downside risk. This level is crucial for traders to keep in mind as it could determine the next leg of the move.

On the daily chart, XRP has been recovering from a significant drop to $1.611 and is currently forming higher highs and higher lows, establishing a short-term uptrend. The asset is testing resistance levels near $2.50, which also coincides with psychological levels and previous wick highs.

A notable spike in volume occurred near the bottom, indicating strong buyer interest. However, current volume is tapering off, which could imply consolidation or, more concerning, suggest that the asset is slowly losing strength.

Critical support lies between $2.10 and $2.20, and a pullback to this area with low selling pressure would be viewed as a healthy retest for potential continuation higher.

Traders should watch for signs of rejection near $2.50 to anticipate possible short-term tops.

Oscillator readings offer a mixed but cautiously optimistic outlook. The relative strength index (RSI) at 59.66184 stands neutral, while the Stochastic at 79.42403 also indicates neutrality.

However, the commodity channel index (CCI) at 140.97267 suggests a negative signal, and the momentum oscillator at 0.19837 further corroborates selling pressure. The Awesome oscillator, printing a value of 0.12944, remains neutral.

Of particular interest, the moving average convergence divergence (MACD) level at 0.02937 is flashing a positive signal, which could indicate growing bullish momentum if confirmed by price action.

Moving averages (MAs) are overwhelmingly positive for XRP across various periods. The exponential moving averages (EMA) for 10, 20, 30, 50, 100, and 200 periods all signal optimism, with respective values such as $2.21135 for the 10-period and $1.98356 for the 200-period.

Similarly, the simple moving averages (SMA) for 10, 20, 30, and 50 periods also support bullish actions, but the 100-period SMA at $2.40872 stands as the only bearish signal. This overall strength in MAs underscores the underlying bullish bias, although traders should remain vigilant at key resistance zones.