#BTCRebound #StablecoinPayments #BinanceAlphaAlert #AirdropSafetyGuide $XRP
XRP, the fourth largest cryptocurrency by market capitalization, reached its highest level at $2.36 on April 28 during a three-day rise.
After profit-taking in the market, the price of Ripple fell from its highs. The pullback continued throughout Wednesday’s session, dropping to a low of $2.12, temporarily trading below the closely watched daily simple moving average (SMA) at 50.
However, the increase in buying momentum helped the token regain ground, pushing it back above the daily simple moving average (SMA) at 50, which currently sits at $2.19.
Over the past few days, XRP has traded in a limited range, stabilizing near the daily simple moving average (SMA) at 50. The slight positive is that XRP managed to stay above the daily simple moving average (SMA) at 50 despite the bears' attempts to push it down.
The daily chart for the XRP/USD pair from TradingView. Eyes are now on XRP to see if it can reclaim the support level of its daily simple moving average (SMA) at 50, which could form the basis for the next phase of its rise. If this occurs, bullish speculators may set their sights on higher targets in the $2.50 to $3.00 range.
On the other hand, XRP may enter a consolidation phase if neither bullish nor bearish speculators can make strong moves. Nonetheless, a drop below the daily simple moving average (SMA) at 50 may lead XRP to seek support at $2.12 and $2. Whale XRP flows surged significantly on Binance. The cryptocurrency market experienced increased volatility on Wednesday, and XRP was not exempt, as its price fell by about 7% at one point.
According to CryptoQuant, whales move quickly when volatility occurs, with Binance dominating BTC and XRP flows as prices decline. In a slight pullback, the cryptocurrency market rebounded alongside U.S. stock markets on Wednesday afternoon. However, most of the market continued to trade in a very narrow range, as has been the case in previous weeks. Markets remained mostly range-bound over the past week, paving the way for what some believe could be a massive rally.
