The recovery of Bitcoin past $55K has sparked a rally in altcoins, with XRP rising 20% from $0.43 to $0.50. Will XRP hit $0.65 by the weekend?
Despite the 2.60% drop in the Dow Jones on Monday and the $1.93 trillion lost from U.S. markets, the crypto market is making a comeback. Further, the Japanese and Indian indices are similarly recovering today, reflecting a bounceback earlier than anticipated.
Accordingly, crypto assets are gaining bullish momentum. The recovery run is sending the market back to the $2 trillion mark, with an 8.5% gain today.
Bitcoin led the charge as it recaptures $55K today after briefly touching $49K yesterday. Amidst the recovery run, XRP rose 20% from the low of $0.43 to reclaim the $0.50 psychological milestone. WillXRP sustain above $0.50 for a 25% surge this week?
XRP Reversal Reclaims $0.50
With an overnight reversal from the $0.43 level, XRP takes a breakneck recovery to reclaim the $0.50 mark. The lower price rejection from the $0.43 mark results in a 20% surge in just 16 hours.
The comeback rally is on the verge of crossing above the resistance trendline with a V-shaped reversal. However, the bearish influence of the previous crash warns of a death cross between the 50 and 200 EMA in the four-hour chart.
As per the Fibonacci levels, XRP challenges the 38.20% Fibonacci level at $0.51945. Further, the recovery run resulted in a bullish crossover of the MACD and signal lines.
What are the Extended Recovery Hopes in XRP?
In the one-day chart, the lower price rejection in the daily candle holds the closing above $0.48. Further, the uptrend continuation results in an intraday jump of 4.81% and makes a bullish candle aiming to undermine yesterday’s fall.
As the XRP price is above the 23.60% Fibonacci level at $0.47716, the chances of a bullish recovery improve. However, the downfall risks the golden crossover in the 50D and 200D EMA.
Optimistic XRP Traders Over Binance Expect Longer Rally
As per Coinglass data, the top XRP traders on Binance show a Long/Short ratio of 2.4412 for accounts and 1.6412 for positions. Furthermore, the overall Long/Short ratio for accounts stands at 2.6969. Thus, the derivatives data from Binance indicate a stronger bullish sentiment among top traders anticipating an extended recovery.
Will XRP Price Hit $1?
Rising demand for XRP as the market recovers from the dramatic crash can give the bulls an additional push. For context, XRP posted a massive trading volume of over $3.2 billion earlier today.
Further, the trendline breakout and sustenance above $0.48 indicate strong demand at lower levels.
According to the Fibonacci levels in the four-hour chart, the uptrend will likely challenge the $0.65 peak if the trendline breakout gains momentum. Optimistically, hype around the potential FED rate cuts in September could propel XRP to top $1 this year.