Ripple's price (XRP) shows significant recovery following a recent drop, increasing over 30% in the past week. This article examines the reasons behind this growth and future price predictions.
Ripple's Recovery
Ripple (XRP) reached a high of $2.25 on Sunday, April 14, driven by renewed buyer interest following a steep drop earlier this month.
Market and News
The surge in XRP's price has been fueled by growing hope that former President Donald Trump will ease tariffs. Last week, he paused several reciprocal tariffs on goods from over 70 countries and announced that smartphones would be exempt from tariff increases. The market also reacted to the recent SEC and Ripple Labs filing to suspend appeals and pursue a negotiated agreement.
Technical Analysis and Forecasts
Despite the recent rally, XRP is facing technical challenges at the 50-day Exponential Moving Average, a level traditionally hard to break above. Additionally, a bearish 'head and shoulders' pattern is forming with a neckline at $1.955. Further upside will only be confirmed if XRP breaks decisively above both this resistance level and the upper side of the descending channel.
While Ripple's price is showing recovery, significant technical barriers remain that could impact its future direction. Investors should closely monitor market developments.
