XRP shows signs of price compression near $1.35, with technical analysis indicating a key resistance level at $1.65. A recent social media post suggests institutional developments in Japan could provide a positive narrative, as SBI Holdings has integrated XRP.
XRP is trading around $1.35, having recently found support near $1.30 after forming lower highs over the past two months. According to data from TradingView, the coin’s price structure shows compression patterns, which often precede a volatility expansion.
Technical indicators show the recent MACD histogram bars are turning positive, suggesting bullish momentum. The RSI is also gaining momentum but has not yet crossed into bullish territory above the 50 level.
A daily close above $1.65 would negate the current lower-high pattern. Such a breakout could open the path toward a resistance level of $1.85 and potentially the $2.00 psychological level.
Failure to close above $1.65 could see the price move back down to seek liquidity at $1.30 or $1.20. The market is currently in a consolidation phase, preparing for a potential explosive move.
A social media user stated the Bank of Japan will test settling central bank money on a blockchain between financial institutions. The same user noted that Japan’s largest banking group, SBI Holdings, has already integrated XRP.
“Japan supports #XRP and the largest Banking Group ‘SBI’ has already integrated XRP.”
Whether bulls can take control at the $1.65 level is seen as crucial for XRP’s trajectory in March. The market awaits a breakout from the ongoing period of price compression.
