XRP, the fourth largest cryptocurrency, has recently surged 6% after a bearish signal on its chart. This comes amidst optimistic market sentiments.
Current Situation Analysis of XRP
XRP recently displayed a 'death cross' on its four-hour chart, leading to a price dip to $2.02. However, bulls quickly stepped in, with the cryptocurrency rising to $2.19 in the early Tuesday trading session.
Future Price Movement of XRP
Since March 24, XRP has steadily declined, with six out of seven days in red. A key support level is at $2.39, which may become a target if the trend continues. Otherwise, the price could drop to $1.77 and then to $1.27 if that level is breached.
Latest XRP News
XRP is attracting investor interest. Grayscale has filed with the SEC for approval to convert their fund, which includes XRP, into an exchange-traded fund.
The cryptocurrency market shows signs of recovery, which could positively impact XRP's value. Investors are closely monitoring chart developments and the SEC's decision.
