XRP Rebounds to Reach 22-Day High After Hitting Lowest Point in 16 Months
The recent weeks have been tough for altcoins as they experienced a bearish market, resulting in many reaching their lowest prices of the year. XRP, in particular, faced a significant drop, hitting a 16-month low of $0.3823 just a week ago. However, XRP has displayed a steady recovery, breaking free from the bearish trend and reaching a 22-day high of $0.5021. This impressive rebound has positioned XRP as the top gainer over the past 48 hours.
As of now, XRP is trading at $0.5006, marking an 11% increase in the past 24 hours. The trading volume has also seen a notable rise of 58% during the same period.
Additionally, the movement of large amounts of XRP by whales has caught the attention of market observers. Despite 68 million XRP being transferred to two centralized exchanges two days ago, the token has still managed to gain value.
This activity, occurring as the Ripple lawsuit is nearing its conclusion, has sparked speculation about future price movements and has helped the bulls overcome the existing pressure.
While some analysts anticipate an upcoming bull rally, others find it challenging to make predictions due to the uncertainty surrounding the Ripple vs. SEC lawsuit. Market participants are closely monitoring on-chain movements as prices could potentially shift significantly.
Is XRP Set to Reach New Highs?
A careful analysis of XRP’s trajectory shows that it is currently trading below the critical support level of $65,800, now below $64,000. Falling below this threshold suggests a potential correction of 8% to 12% towards $60,000. The daily RSI indicates that XRP is facing selling pressure.
For XRP bulls, maintaining momentum is crucial. The next significant milestone to watch for is the $66,524 mark, with $69,904 also within sight if the upward trend continues.
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