XRP has seen a significant decline over the past week due to unprecedented market turmoil. However, the crypto asset regained bullish momentum after this decline, signaling an upward trajectory.
XRP Experiences Bounce Back After Diving
XRP Daily Chart has recently shown resilience, staging a notable rebound after a decline that unnerved traders and investors. The chart shows that the cryptocurrency is quickly recovering from its fall.
The recent price movement indicates that XRP may be moving closer to the $0.70 mark. The token’s ability to stay above the 50 and 100 day moving averages indicates a bullish outlook for the asset.
According to the chart, XRP could be ready to reach the next resistance level, around $0.65, if it manages to hold above the $0.60 mark. If the token manages to rise above $0.65, the $0.70 mark seems plausible.
These averages are significant indicators that often point to the long-term outlook of the market. The fact that the XRP price is rising above these lines, indicating that the market is very confident.
Additionally, the digital asset’s RSI stabilized after a brief excursion into the overbought zone. This suggests that the recent price rebound is the result of sustained market interest rather than chance. The RSI returns to neutral levels without notable price declines, triggering possible future growth.
The XRP market is on an uptrend; the token seems to have benefited from these positive market emotions by increasing its price. XRP Price Rises and May Continue to Rise, Report Says cryptographic analysis by ProSignalsfx on TradingView.
Nevertheless, the crypto asset is still relatively down compared to the Price of $0.75 this took place on November 13. This was due to a false report shared by user X regarding an exchange-traded fund (ETF) deposit by BlackRock. However, the crypto saw a price correction immediately after the report was debunked.
Crypto Asset Expected to Do Well in Upcoming Bull Run
According to the crypto influencer Boring Detective, given that XRP has no ties to the Chinese Communist Party (CCP), its price could benefit impressively from the bull market. The influencer believes non-CCP cryptocurrencies will benefit from the upcoming bull run.
“Protocols that were not in agreement with the CCP will be the benefactors of future bull cycles. A protocol like DAG, which works with the DOD, is an example of a well-positioned protocol. XRP is another,” he said.
The crypto asset is trading at around $0.639, indicating a decline of 1.17% over the past 24 hours. It is market capitalization is currently at $34,288,273,612, indicating the same percentage decline over the past 24 hours, according to CoinMarketCap.
Featured image by iShock, chart by Tradingview.com