XRP Rebounds Above $2, Eyes $2.71 Resistance Amid Market Sell-Off
Table of contents
Technical Analysis
XRP has been on a downward trajectory since reaching seven-year highs of $3.39 on January 16. This drop pushed the asset below key technical levels, triggering dip-buying activity aimed at pausing the declines. Currently, XRP is trading below its 50-day moving average of $2.71, a level that has acted as a support since last November. The brief fall below the $2 mark on Friday and subsequent recovery highlights the asset’s volatility and the ongoing tension between bullish and bearish forces in the market.
Future Outlook and Ripple Lawsuit Impact
Looking ahead, if XRP can sustain its current rebound, buyers may push it above the daily SMA 50 at $2.71, a level that now appears as resistance rather than support. A successful breakout could signal renewed bullish momentum, while a failure may drive further declines toward support levels at $1.95 and $1.79. Optimism in the XRP community is also bolstered by positive developments in the ongoing Ripple lawsuit, with the SEC having recently dismissed or paused several crypto enforcement actions. This regulatory relief could further enhance XRP’s market appeal amid a turbulent crypto landscape.
