The course of XRP causes surprise on the cryptomarket. Two days ago the price dropped through the limit of 2 dollars and a further decrease seemed inevitable. But now the image has been completely turned. XRP has risen almost ten percent and is again above 2.18 dollars. This brings a new upward trend in sight.
Does the peace return to the Middle East?
The recent price drop of XRP coincided with geopolitical tensions in the Middle East. Especially the news that the United States carried out air strikes on Iranian goals caused a panic in the financial markets. Risky investments, including crypto coins, had a hard time. Today, however, the peace seems to return. A provisional cease-fires between the two parties brings relief among investors, which immediately translates into green figures at the stock exchanges-and therefore also at XRP.
Technical breakthrough sets XRP course in motion
The combination of geopolitical relief and renewed market sentiment also works in the graphs. Technically, XRP seems to be on a tipping point, whereby a breakthrough can bring important new price targets within reach.
Since mid-May, the 26-day progressive average (EMA) has been a solid barrier. XRP is now ticking this level again. If the coin is able to close with conviction, 2.30 and even $ 2.50 will be shown. Remarkable, because earlier this week, XRP set even lower soils and tested the 200-day EMA several times.
But the sentiment turned unexpectedly quickly. The trading volume increased considerably, and also the RSI-a benchmark for market momentum-climbs towards 50. According to analysts, the outbreak from a Falling Wedge pattern in particular is an important turning point. Where that pattern was first seen as a negative signal, many traders see room for recovery.
XRP Expectation: Is 3 dollars within reach now?
If XRP actually closes above 26 EMA, the 50-day average at 2.23 dollars as the following obstacle comes. Then 2.50 dollars waits. And if the general market sentiment remains positive, even a jump to 3 dollars is not excluded. That would mean that XRP is back on track to approach the peak levels from earlier this year.
The fast twist in the sentiment shows how fickle the cryptomarket is. But for the time being it seems that the bulls have the upper hand again – provided that XRP continues to act above the crucial support levels.
Source: https://newsbit.nl/xrp-koers-veert-op-kan-de-prijs-nu-naar-3-dollar-stijgen/
