Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
With the digital currency ecosystem in consolidation mode, XRP bulls are eyeing more ambitious price marks amid a rebound. At the time of writing, the price of XRP was changing hands for $2.19, down by 2.46% in the past 24 hours. XRP has recorded a wide swing over the past week as the market experienced intense drawdowns.
XRP stats and projections
The price of XRP is currently on the edge, recovering from intense sell-offs over the pastweek. The digital currency moved from a high of $2.29 to as low as $2.14, soaring back to its new height and current level.
Related
This correction signals exhaustion by market sellers, igniting a rebound. However, the metrics still have a long way to go before confirming the sustained uptrend. At the time of writing, the XRP market has over $12.1 billion in trading volume, showcasing high liquidity and open interest (OI).
With the ongoing intense trading activity, it remains to be seen how high XRP bulls can push the price. Technical indicators also hint at a massive rally ahead. The XRP/USDT four-hour chart shows a relative strength index (RSI) reading 44, well below the neutral zone. This shows the selling pressure is almost exhausted.
The Moving Average Convergence Divergence (MACD) line is also entangled with the Signal Line, a setting that might result in a breakout for the coin. If these indicators determine the next trends, they might fuel a return to the $2.50 price mark.
XRP fundamentals at play
Last week, XRP survived a major stress test amid broad-based market liquidations. The digital currency is, however, poised to benefit from the liquidity boost of the newly launched RLUSD stablecoin.
Related
Ripple Labs’ executives have outlined how both assets will complement each other, setting a growth course for XRP. With enhanced utility and broad-based adoption, the digital currency might even reclaim higher price targets in the near future.
