XRP could extend recovery toward $2.80: check forecast
The cryptocurrency market recorded one of its biggest single-day losses on Friday as Bitcoin dipped from $120k to $102k within an hour.
Major altcoins, including ETH, XRP, SOL, and BNB, also recorded heavy losses.
XRP, Ripple’s native coin, lost 41% of its value within a few minutes and dropped below $2.0.
However, it is now recovering and is targeting the $2.8 resistance level in the near term.
XRP tops $2.6 after crashing to $1.7
XRP, the native coin of the Ripple ecosystem, was one of the worst performers among the top 10 cryptocurrencies on Friday.
The coin lost 41% of its value within an hour, crashing from $2.81 to briefly trade at $1.75.
The negative performance came as Bitcoin and other major cryptocurrencies recorded massive losses, caused by President Trump announcing new tariffs against China.
The shockwave saw over $19 billion worth of leveraged positions wiped out from the crypto market within 24 hours.
Analysts describe the event as the biggest crash in the history of the cryptocurrency market, bigger than what was experienced during the COVID-19, FTX, and LUNA eras.
XRP has now recovered excellently and is trading at $2.62 per coin. Key resistance level remains at $3.05, with the bulls targeting this region if the market recovery continues.
Furthermore, analysts described the rebound as institutional recalibration instead of retail-driven volatility.
Treasuries have added spot XRP exposure in the $2.40 zone as ETF inflow resumes.
There is also an improved sentiment around Ripple’s banking integrations, with the event expected to push XRP’s price higher in the near to medium term.
XRP could extend its recovery toward $2.80
Similar to Bitcoin and other major cryptocurrencies, the XRP/USD 4-hour chart remains bearish and efficient as Friday’s crash left a huge FVG in the chart.
XRP faced rejection from the upper trendline of the falling wedge pattern earlier this month and proceeded to lose 41% of its value on Friday, reaching a low of $1.75.
XRP has now added 10% to its value since Sunday and is now trading above $2.6.
Like BTC and ETH, XRP’s RSI on the 4-hour chart shows fading bearish momentum, suggesting that buyers are regaining control of the market.
The MACD still supports the bearish view, but that could change once the market experiences further buying pressure.
If XRP continues its recovery, it could rally toward the next major resistance level at $2.72 before heading above $2.80.
The $3.05 resistance level remains critical if XPR intends to surge past its July high of $3.66.
However, if XRP faces a correction after its rebound, it could dip towards the daily support at $2.35.
The swing low of $1.75 formed on Sunday could serve as a strong support, allowing XRP to aim higher over the coming weeks and months.
The post XRP could extend recovery toward $2.80: check forecast appeared first on Invezz
