XRP Rebounds to Reach 22-Day High Following Steep Decline
The recent weeks have been challenging for altcoins, as many have experienced significant drops, hitting lows not seen in a year. XRP, in particular, faced a steep decline, reaching a 16-month low of $0.3823 just a week ago. However, XRP has shown resilience and has managed to break free from the bearish trend. In fact, it has reached a 22-day high of $0.5021, making it the top gainer in the past 48 hours.
As of now, XRP is being traded at $0.5006, marking an 11% increase in the last 24 hours. The trading volume has also seen a significant rise of 58% during the same period.
The movement of large amounts of XRP by whales to two centralized exchanges two days ago has caught the attention of many. Despite this, the token has continued to gain value. This activity, occurring as the Ripple lawsuit nears its conclusion, has sparked speculation about future price movements and has helped the bulls overcome the existing pressure.
While some analysts believe that a bull rally is imminent, 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 they could have a significant impact on prices.
Analyzing XRP’s trajectory, it is currently trading below the critical support level of $65,800 and is now below $64,000. This suggests a potential 8%-12% correction towards $60,000. The daily RSI indicates that the token is facing selling pressure.
For XRP bulls, maintaining momentum is crucial. The next significant milestone is at the $66,524 mark, and if the upward trend continues, $69,904 could also be within reach.
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