Saturday, July 20, 2024

Following a 30 percent recovery in 9 days, these are the next two challenges for XRP.

The price of Ripple has seen a recovery of at least 30%, just within the past nine days. The market is now being controlled by the bulls for the short term. However, the primary question remains whether this market that is bearish, is good for the mid-term as well.

The Performance of XRP

XRP has performed much better than bitcoin. It has managed to chart gains that go up to 45% in just two weeks. The price of XRP can also broken the resistance that is critical, which is at around 1700 Sats. The dynamic resistance in the present is what is preventing the bulk from charging forward.

Should buyers reach around 1700 Sats, then it would be easy for them to increase that to 2000 Sats as well. If this happens, then the trend that has been bearish as of late, could be actually challenged.

XRP’s Daily Chart

When it comes to a day to day timeframe, the XRO ended up moving downwards. The price of XRP is being influenced by buying pressure over the short term. As a result, its price is headed towards around $0.4.

Buyers should be able to increase the price of XRP by around 40%. Should this happen, then it is yet to be seen whether buyers will continue to have capital. This can be the deciding factor on ensuring that the price of XRP stays above $0.5. This trend of being bullish can also be accelerated by liquidating the short positions.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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