Ripple (XRP) Jumps 15% Amid Global Market Recovery: Details

TL;DR

Ripple’s XRP fell to $0.43 on August 5, but recovered 15% the next day, surpassing $0.50. Some analysts see the correction as an opportunity, with optimism about XRP’s future potential despite recent volatility. Return to the Green Track

The cryptocurrency sector experienced a severe correction on August 5, which affected Ripple’s XRP. Its price plummeted to a one-month low of $0.43 (according to CoinGecko data), while its market cap fell below $25 billion.

The picture looks very different today (August 6), with XRP up 15% and breaking the psychological level of $0.50.

XRP Price, Source: CoinGecko

The latest market crash and subsequent rebound has led to heated discussions about crypto X. Some industry participants described XRP’s collapse around $0.43 as a great buying opportunity.

Others described significant resistance levels that need to be maintained in order for a “crazy breakout” to occur in the coming months. “Remember these are levels many wanted to buy,” said one X user.

CRYPTOWZRD also chimed in, stating that XRP closed its latest daily chart “somewhat bearish.” However, they suggested that a bullish daily candle today could turn it into “a hammer”.

“XRPBTC should take more control soon, I’ll be looking for a quick scalp tomorrow from the intraday chart,” the analyst concluded.

The Crash May Not Have Been “The End of the World”

Many analysts talked about XRP during yesterday’s tumultuous fall. CrediBULL Crypto, for example, stated that everything is under control as long as the value of the token remains in the “target zone” of $0.39 to $0.48.

Moon Lambo and Cryptoinsightuk also gave their two cents. The former maintained that XRP’s plunge was “not the end of the world,” but “an opportunity.” Cryptoinsightuk believes the substantial correction is “a good first step” that sparks interest and “sees a reactionary bounce.”

“I’d like to see us advance a little further on the box, I’ll look for a slowdown, a volume increase (crowding) and then bullish divergences before a next impulsive stage… If I’m right, of course. It may not be,” the analyst added.

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