Recently, XRP, much like Bitcoin and other large-cap crypto assets, experienced a substantial price surge that has rekindled optimism among investors. Many are hopeful that the bull market has not yet reached its conclusion.
By Edris Derakhshi (TradingRage)
The USDT Paired Chart
Analyzing the daily chart of the USDT pair, XRP, the third-largest cryptocurrency, has made a decisive rebound from the $2 support level, advancing rapidly to the $3 resistance level in a single day. This remarkable movement signifies an almost 50% increase in its price.
Despite the recent ascent, the market appears to be encountering resistance at the $3 area. If XRP fails to surpass this threshold shortly, a bearish wave may recur, potentially driving the price back toward the 200-day moving average, which currently rests around the $1.6 mark.
The BTC Paired Chart
In contrast, the XRP/BTC daily chart presents a more favorable outlook, as the asset has successfully broken above the critical 2,800 SAT level and has closed above it. However, today’s price action appears corrective, indicating a potential short-term pullback towards the 2,800 SAT zone. Should this level hold firm, it could provide a solid base for the market to regroup and mount another attempt at the 3,400 SAT resistance area in the near future.
The evolving landscape for XRP is critical to watch as investors navigate the market’s next movements. With the current price action in mind, both optimism and caution are warranted as the cryptocurrency environment continues to develop.
