XRP has rebounded to $1.86, up 11% from a recent low, following the approval of Teucrium’s 2X Long Daily XRP ETF.
XRP XRP $2.14 24h volatility: 0.8% Market cap: $124.91 B Vol. 24h: $3.67 B is trading around $1.86 today, recording an 11% recovery from Monday’s sharp dip to $1.65. This comes as NYSE Arca has approved the listing of Teucrium’s 2X Long Daily XRP ETF under the Securities Exchange Act of 1934.
This leveraged product, aimed at providing amplified exposure to XRP, signals increasing institutional interest in the fourth-largest cryptocurrency.
However, despite this bullish event, an XRP whale recently transferred a staggering 200 million XRP worth over $355 million to Binance. This move has raised concerns about a possible large-scale selloff.
While debates about the implications of the transfer continue, crypto commentator Dark Defender remains bullish. He noted that the $1.88 level is still holding up, suggesting XRP could find footing before making its next big move.
There is no change in our #XRP Monthly Frame.
$1.8815 is holding firm.
USD’s Chaos is Normal for the #Crypto.
Road to ATH.
Remember, remember. pic.twitter.com/L1SWunWcx7
— Dark Defender (@DefendDark) April 7, 2025
Head-and-Shoulders Meets Triangle Formation
It is interesting to note that analysts are pointing out two different patterns on the XRP daily chart. On the daily chart, the price seems to be forming a bearish head-and-shoulders pattern since December 2024, with clear peaks and a neckline breach occurring this week.
According to popular crypto analyst Ali Martinez, if the breakdown sustains, traders could see a slide toward the $1.30 support region.
$XRP is breaking out of a head-and-shoulders pattern, setting the stage for a potential move to $1.30! pic.twitter.com/Uqr2SiX6z7
— Ali (@ali_charts) April 7, 2025
On the other hand, technical analyst Crazy Buddha believes the recent dip is part of a broader consolidation phase, forming a triangle pattern that often precedes a bullish breakout.
According to the analyst, the current pullback may be shaking out weak hands before the cryptocurrency starts an upward motion.
My outlook on $XRP: The market pullback is just setting up for a stronger rally. $XRP is currently forming a triangle consolidation pattern, and a trend shift is about to happen. 📈 https://t.co/X44l066PEh pic.twitter.com/yWHefZkPos
— Crazy Buddha (@CrazyBuddha_) April 7, 2025
XRP Price Outlook
On the daily XRP price chart, the RSI currently sits at 33 with a downward gradient. This suggests that XRP may be undervalued in the short term, potentially inviting a bounce. However, traders should wait for RSI to climb back above 50 to confirm bullish momentum.
The nearest key resistance lies at $2.00, a level XRP recently lost after holding it for over three months.
Source: TradingView
On the other hand, Bollinger Bands are widening, and the price is hugging the lower band, signaling heightened volatility and selling pressure. If XRP fails to close back inside the bands soon, further downside moves could happen.
Source: TradingVIew
Similarly, the MACD indicator also suggests a cautious picture. The MACD line has crossed below the signal line, with both trending into negative territory. This hints at potential further declines unless buying volume surges.
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