XRP Market Cap Fluctuates Between $179.6 and $183.2B: Will $183 Hold as Resistance?

Key Insights:

• XRP market cap moved between $179.6B and $183.2B during the session. 

• Buyers defended the $180.0B–$180.5B zone, showing strong support.

• XRP closed at $182.82B, just below the $183.0B resistance level.

Market Opening Below $181B and Early Declines Toward $180.8B

The capitalization of XRP started the trading day volatile, trading between $179.6B and $183.2B.The opening of the trading day saw the market rapidly fall downwards with the bears taking charge of the market and the market capitalization dropping slightly below the $180.8B level.

Source TradingView

The pressure notwithstanding, buyers soon started trading in the market with the zone of $180.0B-$180.5B taking effect, and buyers indeed accumulated at around the same time, with the recovery at 01:30. Market observers observed that the zone served as a temporary base in which prices stabilized.

The market, however, was able to recover but was unstable, support stood firm and the traders got an opportunity to re-enter into the market after the initial fall. This was the beginning of the rest of the session with the two parties of buyers and sellers contending over the market.

Recovery Toward $182B and Consolidation Between $182.0B–$182.5

Following the initial drop, the session changed to recovery towards higher lows between 02:00 and 04:00, indicating the lack of selling pressure and gradual reentry of bullish interest in the technical formation.

This gradual upward momentum enabled the market to shoot up to beyond the $182.0B mark.This was a significant shift since the preceding losses were being countered.

Traders saw this as an indicator that the buyers were prepared to fight back main levels. At 4:30, the graph was already moving upwards, with some resistance levels being breached.

The positions were maintained and no immediate turn-overs were achieved in order to get out of the gains the buyers were in.This kind of resilience implied that the consolidation stage was an upside-setting up.

Resistance at $183 and Potential Move Toward $185

In the later part of the session, XRP capitalization was at $182.82B, which was within the $183.0B resistance range but failed to move above it.The momentum of resistance was very strong as indicated by the chart to limit the move of XRP.

According to market analysts, the obvious breach of the $183.0B resistance level would open up the path to the $184.5B or $185.0B resistance.When this happens, then traders were free to make big bets, until then.

Source CoinMarketCap

Should an upward pressure break, the market may decline.The market is identified as having a balanced reaction of support and resistance of $181.5B, which is likely to bring the market back on track in the short term.

Outlook as XRP Holds Between $180 Support and $183 Resistance

As the session indicated, sentiment has stabilized, following a rough start, with the range of between $180.0B and $180.5B becoming the key price zone that the buyers have to break. On the other hand, this time around, the critical price that the bulls are yet to break is at $183.0B.

The traders will be waiting to see where the next sessions will take the market. The resistance or the support will determine the direction the market will take in the short-term and volume and liquidity trends will determine the strength of the moves.

As of the time, XRP is in a managed area.The chart structure indicates not only the presence of buying interest on the lower end but also a solid resistance on the higher ends.

This equilibrium is an indicator of the asset being about to make a decisive move once either of the two zones is violated.