XRP has shown some serious strength amid all the market volatility, up to $0.5018 after dropping hard. The price went as low as $0.43 before bouncing and hitting a daily high of $0.5185. This bounce comes as Bitcoin led the charge, getting back above $55,000 after dipping to $49,000. XRP’s quick recovery is due to increased trading, with 24-hour volume at $2.78 billion, down 10.88% from yesterday but still a lot of activity.
XRP has bounced big and strong in the last few trading sessions, up to $0.5018, 7.03% in the last 24 hours. This comes after the big market crash that saw XRP drop to around $0.43, which many in the industry saw as a buying opportunity. The current price action aligns with the broader conversation in the crypto space about XRP’s potential, with some analysts pointing out key resistance levels that need to be held back for more upside.
XRP Technicals Signal Bullish Market Shift
The recent price action in XRP is showing key levels and indicators. XRP found support at the 78.6% Fibonacci retracement of the July 2024 range, a big buying area. This support level is why the big bounce from $0.43 to $0.50 and XRP might have found a local low. The daily RSI supports this bullish view as it’s recovering from oversold conditions.
Further confirmation of this bullish view is the MACD indicator showing a bullish crossover of the MACD and signal lines. This crossover is a sign of a shift in momentum from bearish to bullish. The long lower wick on the August 5 candle is also a sign of strong rejection of lower prices, and buyers are stepping in to defend this level.
Despite the gains, XRP still has to overcome significant resistance levels. Immediate resistance is at $0.51945, the 38.2% Fibonacci retracement. A break above this level could open up higher targets with the next significant resistance zones at $0.55, $0.66 and $0.70 if the bullish momentum continues
XRP Demand Spikes as Ripple vs. SEC Ruling Boosts Market
XRP’s price bounce has been driven by several factors, including a partial win against the SEC, which has given back investor confidence. Last year, Judge Analisa Torres ruled that XRP is not a security when sold on secondary markets, which has made the asset more attractive. This ruling has caused major US exchanges like Coinbase and Gemini to relist XRP, and demand has surged. According to crypto analytics firm Kaiko the share of US platforms in global XRP volume has jumped from less than 2% to 14% since the ruling which is back to pre-lawsuit levels.
The big market crash that saw XRP drop to $0.43 was seen by many as a buying opportunity and was further fueled by the conversation on social media platforms like X (formerly Twitter). Analysts are pointing out key support levels, with some saying that XRP holding at this level could be a “crazy explosion” in the coming months. While some are sceptical, CRYPTOWZRD noted that XRP’s daily chart looks “somewhat bearish”, but a bullish candle could be a turnaround.
Analysts are attributing this renewed interest to Ripple’s strategic moves, including the planned launch of a stablecoin RLUSD, which could end the SEC case if regulatory hurdles are cleared. The hype around this is keeping XRP in the spotlight, and many see it as a bullish sign.
XRP’s future also depends on broader market conditions and regulatory developments. The cancelled SEC meetings in August and the ongoing uncertainty have created a volatile environment, but XRP’s steady growth since the partial win shows its resilience. The question is, can XRP hold this momentum and reach $0.65 soon?
