XRP Eyes $2.50 Resistance as TD Sequential Buy Points to Potential Rebound
- US regulators tentatively approve Ripple and Circle for national trust banks, signaling growing crypto adoption.
- XRP faces bearish pressure below $2.10, with RSI near 39 and MACD in negative territory.
- TD Sequential Buy Setup Points to Short-Term Rebound to $2.50, despite ongoing bearish momentum.
In a major move towards mainstream adoption, US regulators have apparently given tentative approval to leading blockchain and digital asset companies such as Ripple and Circle to proceed with their plan to establish national trust banks. The move shows increasing receptiveness on the part of US regulators towards incorporating crypto firms into the conventional financial system.
With this new development, these companies will be able to provide such regulation-enabled custody, payment, and settlement solutions in the US without requiring state licenses. Ripple has just scored a huge victory in this move since this will definitely make XRP more relevant in cross-border payments. The markets have suddenly become optimistic as a result of this news since this will be a long-term bullish factor for XRP and the crypto markets in the US.
XRP Struggles as Technicals Point to Cooling Phase
Technically, XRP is clearly in a broader correction with a failure to hold onto previous highs. The price is currently below the short-term moving averages, with resistance at the 20-week and 50-week SMAs. The MACD MA Ribbon is still positive on a broad scale, but with a widening gap in between, which shows a lessening of momentum. While XRP is below $2.10 & $2.20, any rallies will be met with resistance.
source: tradingview
Momentum indicators support a bearish forecast. The RSI index has moved close to 39, remaining below the signal line, which shows an increasing bearish dominance but with a hint of a possible technical rebound in the area. The MACD index is strongly below zero, with an increasing red histogram, pointing towards a strong bearish momentum.
TD Sequential Buy Signal Hints a rally to $2.50
Moreover, the crypto analyst, Ali, revealed that a TD Sequential Buy setup is seen on XRP’s chart, indicating a possible exhaustion of selling pressure and a trend reversal in the short term. A TD Sequential Buy setup frequently appears in a local bottom area, bringing a trader’s attention to a rebound setup. A TD Sequential Buy setup, however, does not independently indicate a strong bounce in price.
Source: Ali
The $1.90 level is currently where XRP finds itself in a battle to hold above in order to improve chances of a possible breakout towards $2.50, which is a level that market experts have been closely observing. XRP will struggle to see a major break higher if it fails to find support above $1.90.
Also Read: XRP Price Holds Key Support While $3 Liquidity Zone Gains Attention
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