XRP Traders Eye $1.55 as Evernorth Approval Boosts Market Confidence
XRP has been trading at $1.49 on October 2, with its price hovering below the closely packed resistance levels near $1.55.
The recent approval of Evernorth's business combination with Armada is expected to bring a timely catalyst for XRP, as the company plans to hold around 473 million XRP and has generated approximately $300 million in gross cash proceeds through the transaction and related private placements.
The technical indicators for XRP show a bullish trend, with its daily RSI at 56.4, above the neutral midpoint but below overbought territory. The 12-day EMA is above the 26-day EMA, and the longer-term simple moving averages are configured in a golden cross.
However, the momentum signal is less encouraging, as the daily MACD remains below its signal line. To confirm upside momentum, XRP would need to regain the near-term resistance sequence and overcome the selling pressure at $1.5495.
The immediate support levels for XRP are at $1.48-$1.4564, while the first resistance level is at $1.51. A loss of the support band could weaken the trend setup and shift attention to $1.37.