XRP Price Tackles Crucial Resistance Zone Ahead of Potential $2 Rally

XRP's price surged by 8% on Monday, bringing it closer to the crucial resistance zone of $1.49-$1.54. According to Egrag Crypto's analysis, breaking through this resistance and converting it into a support level could lead to a rally towards $2.

Egrag Crypto noted that if XRP's price fails to sustain itself above the resistance zone, there is a possibility of a huge downwards chop from $1.30 to $1.10.

The analyst also pointed out that XRP's price has been entangled with this crucial resistance bubble following Monday's run-up, and that it will be interesting to see if it breaks through or gets rejected again.

In the derivatives market, liquidity has piled up, with a 22% daily uptick in trading volume pushing it beyond $5.39 billion. Short-sellers have incurred losses of $9.93 million, while bulls have gained $1.59 million.