XRP is currently priced at $2.19 with a market capitalization of $128.16 billion.

XRP, the seventh largest cryptocurrency by market capitalization, is currently trading at $2.19, data from showed on Wednesday. The token, which had a market capitalization of $128.16 billion, saw a 24-hour trading volume of $2.41 billion. In the past 24 hours, the token had an intraday price range of $2.18 to $2.24, suggesting the market was poised for its next major move.

Here's a look at what happened and what’s next for XRP.

The one-hour chart for XRP on Wednesday showed a slight tightening in the range, setting the stage for a potential breakout. Key short-term support was seen at the $2.16 to $2.17 level, where buyers’ interest had emerged. Volume was showing modest increases as price action gravitated toward the upper and lower extremes of the range, suggesting accumulating pressure.

On the four-hour chart, XRP continued to consolidate in a well-defined range, presenting a clearer view of the indecision. Resistance was seen at $2.30, marked by a previous wick rejection, while support was established near $2.08 to $2.10. Volume analysis revealed notable spikes during attempts to break above $2.30, indicating seller presence. Ideal long entries could be made after pullbacks to the $2.10 region, with bullish candlestick confirmations. If XRP managed to close above $2.30 on strong volume, a momentum-driven move toward the $2.40 to $2.50 resistance zone could quickly occur.

The daily chart showed that XRP was recovering from a sharp decline, having fallen from $2.59 to a low of $1.61 before stabilizing. The price had now entered a consolidation phase between $2.10 and $2.30, characterized by significantly lower trading volume compared to the selling climax. This phase of low volatility and reduced participation usually preceded major moves, be it bullish or bearish.

Oscillator readings as of Wednesday showed a neutral to slightly bullish bias. The relative strength index (RSI) registered at 54.02904, indicating a balanced state between buyers’ and sellers’ activity. The Stochastic showed a reading of 64.39813, and the commodity channel index (CCI) (20) measured 105.52312, both signaling neutral momentum. Similarly, the average directional index (ADX) stood at 15.09827, suggesting a weak trend environment, while the Awesome oscillator posted a marginally positive value of 0.06920, further confirming a lack of clear directional bias. Notably, the momentum oscillator and the moving average convergence divergence (MACD) both delivered buy signals, hinting at an underlying bullish inclination despite the general consolidation.

Moving averages presented a mixed but cautiously optimistic outlook. The exponential moving average (EMA-10) at $2.15483 and the simple moving average (SMA-10) at $2.13952 both supported a buy signal, along with the exponential moving average (EMA-20) and simple moving average (SMA-20) at $2.13589 and 2.08483, respectively. Further support came from the exponential moving average (EMA-30) and simple moving average (SMA-30), suggesting continued bullish alignment. However, the exponential moving average (EMA-50) at $2.19775 and the exponential moving average (EMA-100) at $2.21731 issued sell signals, highlighting the challenges XRP faced in overcoming medium-term resistance. Long-term sentiment remained positive, as the exponential moving average (EMA-200) at $1.97460 and simple moving average (SMA-200) at $1.99060 maintained a firm buy outlook, bolstering expectations for future price recovery.

A breakdown of the key levels to watch:

* Support: $2.05, $2.00, $1.95

* Resistance: $2.30, $2.35, $2.40

* A break above $2.30 could quickly propel XRP toward the $2.40 to $2.50 zone.

* A break above $2.30 could quickly propel XRP toward the $2.40 to $2.50 zone.

* Volume: A decent increase in volume could be key for a breakout.

* A breakdown below $2.16 could lead to accelerated selling pressure, aiming for the $2.05 to $2.00 support zone, putting recent recovery at risk.