XRP experienced a significant decline over the past week due to unprecedented market whirlwinds. However, the crypto asset has regained bullish momentum from this dip, signaling an upward trajectory.
XRP Experiences Rebound After Plunge
XRP daily chart has shown resiliency recently, pulling off a noteworthy rebound following a drop that unnerved traders and investors. The chart shows that the cryptocurrency is speedily recovering from its fall.
The recent price movement indicates that XRP might be approaching the $0.70 mark. The token’s capacity to stay above the 50-day and 100-day moving averages indicates a bullish outlook for the asset.
According to the chart, XRP may be ready for a run at the next resistance level, around $0.65, if it can sustain above the $0.60 mark. If the token manages to go past $0.65, the $0.70 mark seems plausible.
These averages are significant pointers frequently pointing to the market’s long-term prospects. The fact that the price of XRP is rising above these lines indicates that the market is very confident.
In addition, the digital asset’s RSI has leveled off following a brief excursion into the overbought area. This suggests that the recent price rebound was sustained market interest rather than a fluke. The RSI returns to neutral levels without a notable price decline, sparking possible future growth.
XRP’s market is on an uptrend; the token seems to have benefited from these positive market emotions by raising its price. The price of XRP is growing and might keep rising, per a crypto analysis by ProSignalsfx on TradingView.
Nonetheless, the crypto asset is still relatively down from the $0.75 price mark it experienced on November 13. This was due to a false report shared by an X user about an exchange-traded fund (ETF) filing by BlackRock. However, the crypto experienced a price correction immediately after the report was debunked.
The Crypto Asset Is Set To Do Well In The Next Bull Run
According to crypto influencer BoringSleuth, since XRP has no ties to the Chinese Communist Party (CCP), its price could gain impressively from the bull market. The influencer believes cryptocurrencies not connected with the CCP will benefit from the next bull run.
“The protocols that weren’t in bed with the CCP will be the benefactors of future bull cycles. A protocol like DAG, which works with the DOD is one example of a well-positioned protocol. XRP is another,” he stated.
The crypto asset trades at approximately $0.639, indicating a 1.17% decline in the past 24 hours. Its market capitalization is currently at $34,288,273,612, indicating the same percentage decline in the past 24 hours, according to CoinMarketCap.
Featured image by iShock, chart by Tradingview.com
Read the full article here