XRP, the fourth largest cryptocurrency in market capitalization, returned above the $ 2 mark after an earlier fall against the background of a wider sales in risk assets.
Macroeconomic problems caused a wide slide in the entire territory of the markets this week, and cryptocurrencies among the most difficult ones. Bitcoin fell 8% to 78,167 dollars on Friday, died due to his record high level less than six weeks ago to almost 30%.
On Friday, XRP fell to $ 1.95, but later fell on his losses, trading Green at the beginning of the Saturday session and at the March start. At the time of writing, XRP grew by 12% over the past 24 hours to $ 2.15, although it was even more than 16% lower than a week ago.
XRP slowly decreased from January 16, when it reached seven -year -olds of $ 3.39; DROP took below key technical levels that many traders monitor the signs that the sale may have gone too far, which prompted DIP buyers to intervene and, at least, pause the reduction.
Currently, the XRP is traded below the 50-day sliding average in the amount of $ 2.71, which has increased its price since November last year. The cryptocurrency also briefly fell below the $ 2 mark at a trading session on Friday before bouncing.
What will happen next?
If the current rebound of the price of x -rays is supported, buyers will try to push the price above the daily SMA 50 to 2.71 dollars, previous support, but now resistance. The XRP attempt to stay above the Daily SMA 50 was interrupted in mid -February, confirming it as a short -term barrier. If this is successful, it can signal that the bulls returned to the game.
Meanwhile, optimism remains in the XRP community in the Ripple claim, which is at the appeal stage, since the SEC cleans its list of actions to ensure cryptography, which potentially creates a favorable environment for digital assets.
Only last month, the regulator fired or stopped at least eight cases against crypto companies, including high-profile trials against crypto-foreign, Coinbase, Gemini and Binance Holdings, as well as threats of a judicial claim against Robinhood, Uniswap and Opensea.
Positive events in the Ripple SEC trial historically increased the price of XRP, so the community will monitor this. On the contrary, with a sales pressure, XRP can check the support of $ 1.95 and $ 1.79.
