two point zero eight and support around two point zero four. Traders are noticing that every time the price gets near two point zero eight there is heavy selling. On the other side buyers keep coming in around two point zero four. This back and forth is keeping the price trapped in a small range. A big spike in volume happened at the resistance level which shows that there are many sellers above the price. Instead of pushing the price higher the market pulled back. Right now the price is around two point zero five and traders are still selling when it gets near two point zero eight while buyers step in at two point zero four. The market is waiting for a clear direction and could move higher if it breaks above two point zero eight or move lower if it drops below two point zero four.
The recent movement in XRP happened while the bigger crypto market stayed mixed. Traders have not been chasing big moves and instead have been careful. Because of this the market is trading more based on certain levels rather than strong momentum. The price keeps moving between the support and resistance without making a big trend. Over the last twenty four hours the price went down about zero point seven percent to two point zero four seven five. The price has tested two point zero four several times and each time it has held. Attempts to move above two point zero eight have not succeeded. A large number of tokens were traded at the resistance point but this just led to a rejection and did not push the price higher. This shows that there is strong supply above and the market is not ready to move up yet. The overall picture looks like the price is being squeezed. Sellers have been defending the higher levels and buyers have been defending the lower levels. When the range becomes very tight the market usually makes a clear decision on which way it will go next. Watching the next big move in volume will be important to see if the price can finally break out or break down.
On a short term view the price bounced from about two point zero four one to two point zero five two. This moved it past a small resistance near two point zero four eight but the follow through is still uncertain. The market has repeatedly faded rallies in this area. Traders should know that right now the market is controlled by levels. On the positive side holding two point zero four and moving above two point zero eight could open the way to two point one seven. A clear move above that level would signal a real break out of the range. On the negative side a break below two point zero four with more volume could push the price toward two point zero and even lower if that fails. At the moment the price is being compressed with sellers above and buyers below. The next move is likely to be decided by which side is stronger at the edges of this range.
