XRP could reclaim $3.3 after retesting key support zones

The cryptocurrency market was bearish last week thanks to a host of macroeconomic factors. The Federal Reserve kept interest rates the same while the Fed Chair suggested that there is no certainty over a September rate cut. The Nonfarm Payroll also came out poorly, indicating that the US economy was growing at a much slower rate than expected. Finally, the market reacted negatively amid new tariff discussions. The macroeconomic factors affected Bitcoin, Ether, XRP, and other major cryptocurrencies. XRP retested its key support zones over the weekend but could rally higher soon. XRP reclaims $3 after testing the $2.7 support level XRP, the native coin of the Ripple blockchain, was the best performer among the top 10 cryptocurrencies by market cap. The coin added 5% to its value over the last few hours and now trades at $3.007 per coin. The positive performance comes as the broader cryptocurrency market recovers from the weekend’s shock. XRP retested the key support level at $2.7 but has now bounced back to $3. The coin’s rally is driven by strong breakout momentum and institutional flows, with trading volumes exceeding 110 million over the last few hours. Market analysts believe that XRP’s strength may reflect a temporary capital shift into volatile assets as traders look to book short-term gains. XRP eyes the $3.3 resistance level The XRP/USD 4-hour chart is bearish as the coin lost 8% of its value over the last seven days. The coin could encounter further selling pressure soon, despite the market currently being in recovery. XRP retested the $2.7 support level over the weekend, which coincided with its 50% Fibonacci level at $2.78 and the 50-day EMA at $2.79, making this a key support zone. It has since rebounded and now trades at $3 per coin. If XRP continues to recover and the daily candle closes above the $2.99 resistance level, it could extend the rally toward its next daily resistance at $3.30, which is also a Transactional Liquidity (TLQ) zone. The 4-hour Relative Strength Index (RSI) of 53 shows that it is above the neutral level, indicating fading bearish momentum. For the recovery rally to be sustained, the RSI must maintain its level of 50. The MACD lines have also crossed over into the positive region, suggesting a bullish intent. However, the 4-hour chart is still bearish, suggesting that the bulls are not in complete control of the market. If the market faces a correction to the downside, XRP could extend the decline toward its daily support level at $2.72. Failure to defend this level could see XRP drop below the $2 mark for the first time since June. The post XRP could reclaim $3.3 after retesting key support zones appeared first on Invezz

Source: Invezz