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- XRP showed signs of recovery over the weekend after falling below $0.44, with Santiment noting its bounce amid wider corrections in the crypto market.
- The altcoin is confronted with a crucial test at the $0.558 resistance level while attempting to break through further price obstacles.
- To sustain the rebound, it must navigate technical challenges on its path back to the highs of 2022.
XRP experienced a recovery during the weekend after reaching lows beneath $0.44 on August 17th. The altcoin managed to close positively on several days, leading analysis firm Santiment to highlight XRP’s rebound alongside other altcoins following last week’s extensive crypto sell-off.
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Santiment indicated that the bounce might persist this week as on-chain metrics reveal that traders remain significantly below local peaks. Nevertheless, XRP encounters a critical test at the $0.558 resistance level, which previously hindered gains in mid-June.
After #crypto market caps declined across the sector last week, several #altcoins are making a comeback, especially $LTC, $XRP, & $XLM. With market value to realized value metrics indicating that traders are significantly down, it would not be surprising if this trend continues this week. pic.twitter.com/cX8q9Tcu7B
— Santiment (@santimentfeed) August 21, 2023
After #crypto market caps declined across the sector last week, several #altcoins are making a comeback, especially $LTC, $XRP, & $XLM. With market value to realized value metrics indicating that traders are significantly down, it would not be surprising if this trend continues this week. pic.twitter.com/cX8q9Tcu7BTransforming $0.558 into support could prolong XRP’s early recovery. However, the road ahead still presents challenges. The daily moving average around $0.63 represents another potential obstacle before XRP can target the $0.66 and $0.72 levels. Should selling pressure return, the 200-day MA at $0.50 serves as an intermediate support level to watch.
As of the time of writing, XRP had retraced some weekend gains and was down 3% over the past 24 hours, trading around $0.526. The token has decreased by 16% over the past week as the broader crypto markets corrected. Maintaining its rebound will necessitate overcoming several technical hurdles on the journey back toward XRP’s 2022 highs.
