XRP, the second-largest altcoin, is showing significant price recovery after a recent decline, sparking investor interest.
XRP Price Recovers
After three days of downward pressure, when the price of XRP fell to $2.96, the cryptocurrency made a sharp upward move, reaching an intraday high of $3.214 on Saturday. This recovery indicates increased demand and investor confidence near key support levels.
Potential Rise to $4
Last week saw XRP drop over 6.56%, primarily due to a liquidation cascade that wiped out more than $105 million in long positions on Thursday. However, the recovery above $3.20 suggests that bulls are actively defending the level, potentially paving the way for a new rise. Traders anticipate that with the current momentum, XRP could reach the psychological resistance level of $4.
Trader Perspectives and Risks
Market analysts watched its movement, predicting a possible breakdown if the $3 level failed to hold. However, the current recovery suggests that bulls are optimistically positioned. If the price surpasses $3.66 again, XRP may rise to $4 and even $4.50. Conversely, a breach below $2.96 could signal deeper corrections down to $2.60.
XRP is recovering from its recent price decline, generating interest among investors. While the $4 level is a significant psychological barrier, traders need to remain vigilant of potential risks and market changes.
