XRP Surges 20% to Smash Through $0.50 as Crypto Market Bounces Back
In the aftermath of the 2.60% decline in the Dow Jones and the $1.93 trillion loss from U.S. markets, the cryptocurrency market is displaying signs of recovery. The Japanese and Indian indices are also following suit, indicating an earlier-than-expected bounce back.
Crypto assets are exhibiting bullish momentum, propelling the market close to the $2 trillion mark with an 8.5% gain today. Bitcoin is leading the charge, reclaiming $55K after a brief dip to $49K. Meanwhile, XRP has surged by 20% to surpass the $0.50 milestone. The question now is whether XRP can maintain this level for a potential 25% surge this week.
XRP Gradual Recovery
The overnight surge in XRP from $0.43 to $0.50 demonstrates a rapid recovery, inching towards the resistance trendline. However, it’s important to note the potential bearish impact from the recent crash, with a possible death cross between the 50 and 200 EMA on the four-hour chart.
Read Also: Cardano Network Continue to Exhibit Consistent On-Chain Growth Despite the Market’s Ups and Downs
XRP is now challenging the 38.20% Fibonacci level at $0.51945, with a bullish crossover of the MACD and signal lines indicating a strong recovery. The daily candle holding above $0.48 and a 4.81% intraday jump are positive signs, although the risk of a golden crossover in the 50D and 200D EMA persists.
Looking Ahead XRP Further Recovery
Data from Binance suggests a strong bullish sentiment among top XRP traders, increasing the likelihood of an extended recovery. The Long/Short ratio for accounts stands at 2.6969, affirming the optimistic outlook.
Amidst rising demand and robust trading volume exceeding $3.2 billion, XRP’s sustained position above $0.48 and potential trendline breakout could drive the price towards the $0.65 peak. Additionally, anticipation surrounding potential FED rate cuts in September could contribute to XRP potentially reaching $1 in the near future.
Read Also: Shiba Inu (SHIB) Defies Expectations, Surges 27% from Its Daily Low Without Adding a Zero
Follow us on Twitter, Facebook, Telegram, and Google News
Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
