Ripple’s Price Stumbles, but XRP Bulls Show Intent to Hold Out for a Rebound
Ripple’s price experienced an 8% retracement, reaching a weekly low of $0.53 on February 22. However, despite the pullback, traders are showing a strong intention to hold onto their XRP tokens in anticipation of a rebound phase.
XRP Bulls Refrain from Selling Amid 8% Retracement
XRP’s price was part of the recent crypto market rally, driven by increased demand and positive sentiment surrounding layer-1 altcoins. While it lagged behind other top-ranked coins like Avalanche (AVAX), Solana (SOL), and Ethereum (ETH), XRP still managed to achieve a 7.4% increase, reaching a new monthly peak of $0.58 on February 15.
- However, on February 19, XRP experienced an 8% pullback, dropping to a local low of $0.53.
- XRP trading volume has significantly decreased since the peak of last week’s rally, indicating reduced trading activity among XRP traders.
- Despite the retracement, XRP holders maintain a bullish outlook for the future.
XRP Price Forecast: Bulls to Defend $0.50 Fiercely
The curtailed selling pressure in the markets suggests that XRP is well-positioned to avoid further downward movement below $0.50. However, if there is an early rebound, bulls may face initial resistance at the previous peak around $0.58. On the other hand, if bears force a reversal below the critical $0.50 area, there is significant support at $0.49 in the short term.
Hot Take: XRP’s Rebound Potential
The recent retracement in XRP’s price presents an opportunity for investors to hold onto their tokens and potentially benefit from a rebound phase. With the overall altcoin market cap growing and BTC and ETH trading at historic highs, there is an optimistic outlook for XRP’s future performance. As a savvy investor, it is important to monitor the resistance levels and support areas to make informed decisions about buying or selling XRP.
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