Ripple (XRP) Successfully Defends $1.50, Will it Break Through Exchange Sell-Off and Reach $2?

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Despite some profit-taking selling pressure emerging compared to the previous day's high, XRP (Ripple) has stably defended the $1.50 support level and continues its bullish trend towards the $2 mark.

According to investment media FXStreet on September 22 (local time), XRP underwent a slight correction from its intraday high of $1.57 recorded the previous day, but is still forming a solid price range above the $1.52 level. Despite overlapping external negative factors such as the US Federal Reserve raising its benchmark interest rate from 3.75% to 4.00% last week and the failure of the US cryptocurrency market structure bill, the CLARITY Act, to pass the Senate, buying interest continues to flow in, coupled with the overall cryptocurrency market's upward rally. If the key short-term support level of $1.50 is maintained, there is a possibility that the uptrend could extend beyond the August high of $1.70 to the $2.00 level.

However, the on-chain flow of coins being deposited into exchanges is emerging as a short-term variable. According to CryptoQuant data, the amount of XRP held by Binance, the world's largest virtual asset exchange, has increased by approximately 3% since September 1, reaching a total of 2.68 billion units. An increase in exchange holdings when the price is rebounding suggests that investors are preparing to sell for profit-taking or have moved assets for active trading, thus requiring careful observation.

Technical indicators point to a clear upward phase with a buying advantage. On the daily chart, major long-term and short-term moving averages, such as the 50-day Exponential Moving Average (EMA) at $1.32, the 100-day EMA at $1.28, and the 200-day EMA at $1.36, are positioned well below the current spot price, forming a strong downward support wall. Additionally, the SuperTrend indicator near $1.26 provides further structural support, and the Moving Average Convergence Divergence (MACD) histogram also remains positive above the baseline, proving that buying pressure is alive.

The Relative Strength Index (RSI), a medium-term momentum indicator, also records 64, showing stable upward strength without entering an overbought overheated phase. On the weekly chart, XRP is trading above both the 50-week EMA at $1.52 and the 200-week EMA at $1.37, and the weekly RSI is also at 56, drawing a gentle yet solid upward trajectory. As long as the psychological support level between $1.40 and $1.50 is maintained on a daily closing basis, there is no clear selling resistance above, suggesting that further upward attempts can continue.

Experts analyzed that the $1.59 level, where the 100-week EMA is located, will act as the maximum short-term resistance. If it fails to break through this level and undergoes a correction, support should first be sought at the 50-week EMA of $1.52. If the correction deepens, the area between $1.28 and $1.32, where the 200-day EMA of $1.36 and the 50-day/100-day EMAs overlap, is expected to act as a key defense line.

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