In the past 24 hours, the cryptocurrency market has faced slight selling pressure, causing many digital assets, including Ripple (XRP), to trade in the negative range. Amidst this uncertainty, Ripple stands out with its positive funding rate, indicating trader optimism towards a price increase. Currently, the funding rate for the XRP/USD pair on Binance is reported at 0.0031%. While writing this, the XRP price has decreased by 1.25% over the past 24 hours to $2.06. The price stabilization and reduced price fluctuations may lead to a significant upward or downward movement. Traders are waiting for the next direction. If the price pressure continues, it could result in a sharp move in either direction. Additionally, XRP’s daily trading volume has decreased by about 19% to $1.39 billion, which often happens before major fluctuations. Bears have not been able to push XRP below the $2 support level, indicating weak selling pressure at lower levels. On the other hand, bulls may attempt to bring the price back towards the 50-day moving average around $2.23 to facilitate an upward path. Crossing this level can smoothen the way for an uptrend. However, if the $2 support is breached, the likelihood of a price decline to the support range of $1.72 to $1.61 increases.
