XRP buying pressure surged by 1000% in a week, can the key resistance level be突破？

Since November 21, XRP has risen nearly 26%, but the price is hovering in a key range with a relatively mild rise. Recently, the buying pressure on the exchange has surged significantly, while the price fall has also failed to break through the support level, indicating limited selling momentum.

XRP is still below the key resistance level since mid-November. If it breaks through that resistance level, the trend may reverse. The price is currently fluctuating within a descending wedge, which is typically a bullish signal. Once buyer strength increases, the price is expected to break upwards. Since November 25, the lower bound of $2.14 has absorbed all selling attempts, and even though the 100-day and 200-day EMA have completed a death cross, the price has not broken below the support.

In terms of trading volume, the On-Balance Volume (OBV) indicator has broken through the downtrend line since November 10, indicating more funds flowing into the market, but it needs to break through the direct resistance level of 6.64 billion to confirm the pump momentum. On-chain fund flows also show a strong buying signal: the net position on the exchange surged from -59.32 million to -650.45 million between November 19 and November 27, with an outflow increase of nearly 1000% in just eight days, indicating that large buyers are actively purchasing.

Key price levels determine the subsequent trend: if XRP closes above 2.28 USD with increased trading volume, the next target will be 2.55 USD, and a breakout will confirm a bullish trend; if it falls below 2.14 USD, the support level below is 2.02 USD, which will delay the breakout.

The market is currently leaning bullish, with buying pressure surging and trading volume increasing, while the support level remains solid. If XRP rises about 2% and breaks through $2.28, it may trigger a prolonged resistance level breakout for over ten days, and a new round of pumps can be expected. (BeinCrypto)