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XRP has hit $2 following a 14% surge as the crypto market rebounds from the trenches.
Following a week of turmoil in the global economies and over $1 billion in crypto liquidations, the market could be poised for stabilization. Many altcoins are seeing a rebound from the market dip, with XRP rallying 14% in the last 24 hours. Per CoinMarketCap, XRP was trading at $1.99 at press time.
XRP could be eyeing $2.5 in the mid-term
Looking at XRP’s technical setup, the coin’s MACD is on the verge of a bullish crossover. This could be a potential confirmation signal of XRP’s uptrend rally as it secures a daily close above $2. According to CryptoAndy, on CoinMarketCap, capital inflow into the market could see XRP target $2.5 next after breaking above this level.
As the market recovers from the trade war, traders entering new positions could strengthen XRP’s bullish momentum. With open interest rising, one should keep an eye on the altcoin’s next moves at this level.
[…] XRP is trading around the $2 mark, and analysts are setting its next target at […]