XRP has been posting a 7% price increase in the last 24 hours. The rebound follows a 20% price plunge, and the rally above $0.50 could be a sign of an upcoming market reversal for XRP. Considering this uptick was a notable surge in trading volume, it could be a sign of a growing conviction among buyers.
This new uptick has given the XRP crowd a decent dose of hope, but there is still a long road ahead for the asset to make up for all that it is lost. For XRP to get back to where it was before things went down, it has got to climb another 18% — that would take it back up to the spot from which it fell.
Diving into the chart, we see some clear resistance and support spots that will probably shape where XRP’s headed. Right now, we are looking at $0.58 as the next major resistance. If XRP can power through that, we might see it shoot for that $0.60 level, which is the threshold between bullish and bearish sentiment in the case of XRP.
On the flip side, the $0.50 point is super important. If things take a turn for the worst, the 200-day moving average, that is, the black line on the chart, around $0.5780, could be where it finds some footing.
Volatility is still a thing on the cryptocurrency market, and messing around is not advised, especially amid a period of market uncertainty. XRP is known for its unexpected moves and wild swings. Unfortunately, buying power on the market remains relatively low, which reduces the chances of a slow and steady recovery.