The cryptocurrency market is attempting a recovery after a minor dip, with several popular currencies like Bitcoin, Cardano, and Dogecoin showing significant growth in the past 24 hours.
Price Dynamics of Bitcoin, Cardano, and Dogecoin
Bitcoin is striving to rise above the $99,000 mark, having increased by more than one percent in the last day. Cardano has climbed over 9%, and Dogecoin gained 4% in value. Currently, there are no major changes occurring in these currencies.
Current Status of XRP
XRP remains in a short-term support zone, ranging from $2.25 to $2.30. If the price stays above this level, the current bounce may continue. If it falls below $2.25, the next support is expected between $1.95 and $2.05. Resistance lies between $2.58 and $2.63, and surpassing this could see a move towards $3.20-$3.30.
Outlook and SEC Case Impact on XRP
The major hurdle for XRP is the ongoing legal case with the SEC. A resolution could be a significant catalyst for XRP's value. Currently, there is a short-term bullish divergence on the 8-hour chart, providing temporary relief from the downward trend, but the market still faces long-term pressure.
Overall market sentiment remains under long-term bearish pressure despite short-term improvements. XRP's future largely hinges on the outcome of the SEC case.
