• Support zone holds
  • Network’s surge

By bouncing sharply off the $2.8 level, XRP has staged one of the most significant recoveries of the summer. More than just halting a bearish decline, this rebound preserved the market’s overall bullish structure and prevented what might have been the start of a protracted decline.

Support zone holds

The $2.8 support zone was an important level that acted as a last support level for the asset. Buyers intervened forcefully when the price tested it, pushing XRP higher and demonstrating resiliency during a time when sentiment was leaning bearish. Had this level failed, XRP might have plunged into a more extensive correction phase, which could have reversed a lot of the gains since July.

XRP/USDT Chart by TradingView

The interaction with XRP’s exponential moving averages (EMAs) is what distinguishes this recovery. The short-term support zone, formed by the convergence of the 26 and 50 EMAs, gave the bounce more technical weight. EMA convergence in this region has historically served as a signal for changes in momentum and a launchpad for additional upward movement. A medium-term continuation toward the $3.2-$3.5 range is more likely if XRP maintains its position above these averages.

Network’s surge

Since network activity has increased significantly over the past few weeks, including a noticeable increase in new account activations, on-chain data also supports this recovery. This rise in involvement indicates rising institutional and retail interest, providing XRP with a stronger basis for long-term growth.

You Might Also Like

Title news

The obstacles that XRP will face in the future are obvious. For the asset to keep moving forward, it must overcome the psychological and structural resistance of the $3.0 mark. XRP may retest the $3.5 level, and possibly surpass it, if it is convincingly cleared. But a failure to maintain above $2.8 would refocus attention on bearish risks.

For the time being, XRP has not only escaped a catastrophe, but has also set itself up for future growth. The asset’s trading story for the summer may be defined by the $2.8 recovery.

Source link





News Source link