XRP is experiencing an uptick in trading activity as it approaches a critical resistance level near $2. The cryptocurrency's technical setup suggests a potential breakout, according to crypto analyst Cryptoinsightuk.
The analyst highlighted several indicators supporting XRP's potential for growth. On higher timeframes, XRP has maintained a bullish structure after breaking out of a multi-year accumulation range. This has resulted in the price holding support between $1.38 and $1.60, while the relative strength index has returned to oversold levels.
The analyst also noted that there is more liquidity positioned above current prices than below, which could trigger short liquidations and accelerate upside momentum if XRP breaks through the resistance zone.