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Ripple’s XRP improved by 4% in 24 hours.
Most cryptocurrencies have bailout rallies.
Technical indicators suggest that the XRP relief rally may last in the short term.
After staging the bear market for a week, Ripple’s RP / USD is back. At the time of writing, cryptocurrencies have returned more than 4% in the last 24 hours. There is no immediate trigger for XRP gain. However, a quick look at the crypto sector reveals that most cryptocurrencies are on the rise. Bitcoin increased 6.28%, but Ethereum returned at least 10%. So was Tuesday’s profit a relief or a long-lasting rally?
Cryptocurrencies are known for their high volatility. Recently, it has been pinned to macro events, including policy measures by central banks. The current macro event is not yet considered positive. Therefore, the profits posted in the last 24 hours are just speculative. They do not represent a long-term resurgence of cryptocurrencies. Investors may be looking for short-term opportunities in the hit market. We believe that XRP is one of the cryptocurrencies that can provide short-term returns.
Source TradingView
From a technical perspective, XRP is bullish after retesting its $ 0.31 support. Moving averages on the 14th and 21st have added support, suggesting a short-term bull run. The MACD line crossed over the moving average line and confirmed a bullish push. XRP believes it is ready to make more profits in the next few days. Investors still need to monitor transactions as the market is still bearish. Potential goals are $ 0.34, short-term resistance, and an established level of $ 0.38.
XRP is increasing as sentiment in the crypto sector grows. The long trend is still bearish. Cryptocurrencies may continue to rise, but resistance is seen at $ 0.34 and $ 0.38.
Post-XRP has become bullish, with a potential surge of up to 18% first appearing in the Coin Journal.
