XRP has seen a rapid rise, hitting new multi-year highs. However, its inability to sustain these gains has triggered a healthy correction, presenting long-term investors with a golden entry opportunity. As the price flirts with the crucial $3 level, XRP bulls must act swiftly to seize this opportunity.
The technical analysis of XRP reveals that the 20-day exponential moving average (EMA), around $2.90, represents a crucial support level to monitor. A strong bounce at this level would signal an influx of buyers ready to push the price toward higher peaks.
Indeed, XRP just dropped to $2.98 as the altcoin market undergoes its first profit-taking phase after a notable recovery.
XRP has not only bounced off its 20-day moving average but also landed in an interesting demand zone, a significant liquidity area on the VPFR. The probabilities for a rebound at this level are stronger than a bearish continuation in the short term.
In case of a rebound, the next major obstacle is at $3.66, a resistance that has been tested multiple times already. Breaking through this threshold would open the path to progress toward $4 and $4.86.
While short-term traders might be tempted to take profits after the recent surge, long-term investors should view this correction as an opportunity to enter the XRP market.
With its growing adoption in the cross-border payments sector and its unique positioning as an interesting alternative to fiat currencies, XRP remains a cryptocurrency with strong potential. Bulls who seize the current opportunity could be rewarded in the long run.
The recent XRP dip has created an attractive buying window for savvy investors with a POC and 20-day MA offering solid support. With crucial support levels in sight, XRP bulls must mobilize to regain control of the market and propel this cryptocurrency toward new heights.
According to trader XRPunkie, this is just a “healthy correction” before an explosive rise to more than $10 in the coming years. To invest in this cryptocurrency, here’s a simple guide to obtain it on Bitget right now :
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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