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XRP, down 86% from its ATH, stabilizes with key support at $0.28 and resistance at $0.66, indicating a potential rebound.
XRP has experienced significant fluctuations since its all-time high of $3.40 in January 2018. Currently, XRP is down approximately 86% from this peak, an analysis by crypto researcher Bitcoin Ape confirms. Despite this downturn, XRP remains in the top 10 of the most valuable cryptocurrencies, showcasing its resilience and potential for a rebound.
No coin in the top 10 has dipped more from its last ATH price like $XRP. The coin is down 86% from its peak price of $3.40 in 2018. Its last major bullish price action was in Q1 2021. @Ripple has impressively however remained in the top 10 of the most valuable cryptocurrencies.… pic.twitter.com/cRoK8yd8DX
— Bitcoin Ape (@bitcoinape_) July 3, 2024
XRP Stabilizes Amid Key Levels
Technical data pertaining to XRP reveals critical support and resistance levels that are vital for its future direction. The support level is around $0.28, while resistance stands at approximately $0.66.
Notably, the target for a potential bullish run is $0.95. According to the researcher, XRP’s last significant bullish price action was in Q1 2021. At the time of the post, the coin was oversold, as indicated by the Stochastic RSI. This condition reportedly suggests a potential buying opportunity for investors.
The current price movement shows XRP stabilizing around $0.4831 despite a recent 7% loss over the past 30 days. However, the cryptocurrency has gained 7% over the past year, indicating a mildly positive long-term trajectory.
Short Term Indicators Signal Imminent Rebound
Daily technical indicators provide further insights into XRP’s current market situation. The Relative Strength Index (RSI) is sitting at 32.98, indicating that XRP is close to the oversold territory. This suggests that the selling pressure may be overextended, and a potential reversal or stabilization could be expected.
The Stochastic RSI shows that the %K line is below the %D line, indicating bearish momentum. However, the %K line’s behavior in the recent past suggests a potential shift towards bullish momentum if it crosses above the %D line. These indicators ultimately point to a potential buying opportunity as XRP’s price could stabilize or rebound.
Fundamental Analysis and Ecosystem Growth
Despite the significant dip from its ATH, XRP continues to hold a strong market position. According to Bitcoin Ape, Ripple, one of the biggest XRPL builders and the largest XRP holder, remains a major player in the Layer-1 blockchain space.
Additionally, the XRPL boast some of the cheapest transaction fees in the cryptocurrency market, making it an attractive option for users. The XRPL ecosystem continues to grow, with recent developments including the forthcoming launch of a native stablecoin.
Analyst Javon Marks echoes this sentiment, emphasizing the potential for a major development in XRP’s price pattern. Marks notes the high trading volume and confirmed hidden bullish divergence as indicators that a significant move is imminent. The coiling formation observed in XRP’s current price patterns further supports this outlook.