Key points
- XRP is trading above $2 with gains under 1%.
- The cryptocurrency could rise toward about $2.20 in the near term.
XRP briefly halts selling pressure and recovers
Bitcoin (BTC), Ethereum (ETH) and Ripple’s XRP have shown modest recovery after last week’s sharp correction, starting the new week on a more positive note. The three leading cryptocurrencies are trading above key support levels, suggesting the potential for a continued rebound.
Market sentiment remains fragile, however, and a bearish trend could still reassert itself. Since last week, XRP lost roughly 10% of its value as the broader crypto market liquidated more than $1 billion in leveraged positions within hours.
Those large liquidations occurred while Bitcoin pulled back toward the $81,000 area and XRP struggled to clear the $2.00 mark. Ethereum also slipped below $3,000 for the first time in months.
Despite the volatility, recovery signs are emerging and XRP may push higher in the near term. The market shows inefficiencies across multiple timeframes, which could support a temporary upward move.
XRP recovers while holding $1.96 support level
Last week’s sharp sell-off left the XRP/USD 4-hour chart biased and inefficient. XRP rebounded from the 50-period EMA at $2.38 on November 13, then lost 19% of its value over eight days, dropping to a Friday low of $1.82.
Over the weekend the token retested daily support just above $1.90 and staged a modest rebound. At the time of writing, XRP is trading above $2.05 per coin.
The RSI sits near 47, close to the neutral 50 level, indicating easing bearish pressure and supporting the recovery outlook. The MACD line is also approaching a bullish crossover.
If the recovery continues, XRP could rally toward the next major resistance around $2.35 within hours or days. Conversely, if selling resumes, XRP may revisit Friday’s low of $1.82 in the near future.