Bulls take control: XRP price undergoes short-term recovery

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Bulls take control: XRP price undergoes short-term recovery

XRP has recently experienced a momentary revival amid continued market volatility. After a period of sustained downward pressure, The price of XRP has rebounded, offering a brief respite for traders and investors. This recovery comes against a broader backdrop of volatile market conditions influenced by a variety of factors, including regulatory changes, market sentiment and overall cryptocurrency market trends.

Despite this positive move, the market remains highly unpredictable and it is uncertain whether XRP’s recovery will be sustainable. Investors are closely monitoring the situation, analyzing technical indicators and external factors to gauge XRP’s potential trajectory in the coming days. This introduction discusses the factors behind XRP’s momentary recovery and the implications for its future performance in a volatile market environment.

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XRP price technical review

Technically, if you look at the 1-hour chart, you can see that XRP is trying to rebound from its surge. But this move will lead to something more XRP drop because the price is below the 100-day uncomplicated moving average (SMA).

This is also confirmed by the 1-hour Relative Strength Index (RSI) as the RSI line is currently trending towards the 50% level. Therefore, the RSI line suggests that the price of XRP will enhance to the point where the price will start to fall again.

On the 4-hour chart, you can see that XRP is also trying to rebound higher after forming support at $0.4714.

XRP

A final look at the 4-hour RSI chart shows that the price of XRP will continue to rise for some time before trending lower. The reason for this is an attempt to move up from the oversold zone.

Crypto Assets Poised for a Bigger Drop

Taken together, XRP’s recent momentary recovery amid market volatility underscores the lively and unpredictable nature of the cryptocurrency market. So far this recovery has led to XRP heading towards the one-hour resistance at 0.4887. If the price breaks above this level, it may move higher to test the $0.560 level.

However, it should be noted that this is only a momentary move, because at some point the price will start to fall again. When this occurs, XRP will begin to approach the $0.4714 support level. If the asset breaks through this level, it will continue its downward move, testing the $0.4546 support level, and could possibly move into testing or making novel levels.

With a market capitalization of over $26 billion and trading volume of over $1.2 billion at the time of writing, the price of XRP is up 0.04% to trade at around $0.4802 in the last 24 hours. XRP market capitalization and trading volume are currently down 1.09% and 11.13%, respectively.

XRP
XRP Trading at $0.04818 on 1D Chart | Source: XRPUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

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