The XRP price has surged by 12% in just two days, reaching $2.12, driven by renewed buying pressure in the market. This surge comes as China’s trade tariffs have sparked a rally in the cryptocurrency market, with investors flocking to digital assets as a hedge against traditional market uncertainties. The global crypto market cap has recovered from Wednesday’s sell-off, with major assets such as Bitcoin, Ripple, and Ethereum reclaiming key support levels.
Investors are closely watching developments in the trade war between the US and China, as fears mount that retaliatory tariffs could impact the revenues of US firms worldwide. This uncertainty has led to a shift in capital towards alternative assets, with Bitcoin emerging as a popular choice for investors looking to hedge against trade policy risks. The total market cap of the cryptocurrency market currently stands at around $2.78 trillion, with XRP eyeing a breakout above the $2.28 resistance level.
The recent price surge in XRP has been driven by strengthening bullish momentum, indicated by an early MACD crossover and a recovery within the Bollinger Bands’ lower boundary. The potential volatility expansion indicated by the Bollinger Bands suggests that XRP could rally towards $2.58 if it breaks above the $2.28 resistance level. However, the trajectory of XRP’s price movement is closely tied to Bitcoin’s performance, as a bullish sentiment in BTC could benefit XRP and support further gains.
Investors are closely monitoring key support levels for XRP, with $1.98 serving as a crucial level to watch. As long as XRP remains above the VWAP at $2.09, the technical setup remains bullish, indicating a higher probability for further gains. Failure to break the $2.28 resistance level could lead to a retest of the $1.98 support level, risking further declines. Overall, the outlook for XRP remains positive, driven by the current bullish momentum and investor interest in cryptocurrencies as a hedge against market uncertainties.
