The crypto market has been experiencing significant volatility, with XRP taking a massive hit earlier this month. Due to market-wide bearish pressure, the token dropped nearly 25% in a single day.
However, XRP has since regained most of its losses, showing resistance despite uncertain conditions.
What’s more, the XRP/BTC ratio is now signaling a potential breakout that could lead to a 200% rally. So, what’s next for XRP? Let’s dive into what’s happening and why this could be the start of something big.
While many altcoins have struggled against Bitcoin’s dominance, XRP appears to be showing signs of strength. According to some market analysts, XRP/BTC is now testing the upper Bollinger Band on the monthly chart for the first time since 2017.
Bollinger Bands measure market volatility, and when a price breaks above the upper band, it’s often seen as a sign of strong bullish momentum. If XRP breaks through, it could signal a shift in market sentiment, possibly leading to a surge similar to April 2017, when XRP/BTC rose by 200% after a similar breakout.
Despite the recent market turbulence, XRP has shown remarkable recovery. After dropping to $1.78, its lowest level since November, the cryptocurrency bounced back, closing the day with a 15% gain.
This recovery has formed a “hammer” pattern on the XRP chart, a technical indicator that suggests strong buying interest at lower price levels.
Key Levels to Watch
Analysts believe that if XRP can maintain its current momentum, it could soon retest the $3.10 resistance level. A further push might even bring it close to its all−time high of $3.40. However, this bullish outlook would be invalidated if XRP drops below the critical $2 support level.
In conclusion, while XRP has shown impressive recovery and resilience in recent weeks, the next few weeks will be critical in determining whether the token can continue its upward momentum and potentially achieve a 200% rally.
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