XRP in spotlight as market makes major move
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The recent price action might have reignited interest in XRP, as traders and investors closely monitor its movements. The 7% volume increase over the past 24 hours, though minute, suggests that market participants might be gradually stepping in, which remains positive for XRP.XRP’s recent rise reflects broader optimism in the crypto market, which saw Bitcoin surpass $77,000 toward the week's close.
The recent rally saw XRP break above the daily SMA 50 and 200, which constricted its price action in recent weeks. The XRP price however declined after, confirming short-term resistance at $0.57, and would mark the second day of losses if today closes in red.Undeterred, traders continue eyeing potential breakout levels. The $0.57 level has become a key battleground for bulls, who may be gearing up for another attempt to push the price higher.
Should XRP break through this resistance, the next targets could open up higher levels, possibly to $0.665 and even $0.748, though further consolidation or slight corrections might occur before a sustained rally. This bullish outlook might, however, be invalidated if XRP drops below its daily moving averages of 50 and 200, implying an extended-range trading with support near $0.487.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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