Ripple (XRP) price has shown signs of recovery, but its potential remains uncertain compared to emerging altcoins like Pi Network and newer market entrants like Kaito token. The token’s price movements have closely followed regulatory developments and overall market sentiment. Despite the crypto market decline, XRP price has attempted to regain traction, but competition from these emerging coins continues to challenge its market position.
Can XRP Price Recovery Outpace Pi Network and Rising Altcoins?
XRP price remains sluggish despite the recent new market uptrend, struggling to gain traction. The token has recovered from a low of $2.15 to trade above $2.20 but lacks a strong catalyst.
XRP continues to show weak performance because the SEC lawsuit uncertainty maintains low market sentiment despite the rising bullish activity among newer altcoins.
Pi Network and KAITO have gained substantial market interest by becoming prominent players in the cryptocurrency market. PI experienced a remarkable 30% increase during the last 24 hours which pushed its value to reach a fresh all-time high at $2.99 then stabilized at $2.95.
This rapid ascent follows the Pi Network mainnet launch on February 20, fueling strong market speculation.
Additionally, Binance’s community vote on listing PI is set to conclude today, February 27. A potential listing could further boost its price.
Since its launch, KAITO has maintained its positive trend which enabled it to enter the top 100 cryptocurrency rankings. The token achieved its strongest point ever on Feb 27 as it proved its stability against market movements. It reached a new ATH on Feb 27, demonstrating resilience amid market fluctuations. The Kaito coinbase listing has fueled this rally.
The token’s steady rise since its February 20 launch highlights strong demand. Market participants await Binance’s decision on PI and update on the XRP lawsuit for clearer price direction.
XRP Open Interest Rises 3.44%
According to Coinglass data, XRP price movement coincides with a 3.44% rise in options open interest, reaching $1.12 million, signaling increased market participation and heightened speculative activity.
Key XRP Levels To Watch
The XRP price remains above the $2.20 level despite persistent selling pressure. The market is showing signs of struggle as the top altcoin attempts to stabilize. Current price action indicates resistance near $2.50, with stronger hurdles around the $3.00 mark.
The Moving Average Convergence Divergence (MACD) indicator on the 4-hour chart suggests a mild bullish momentum. The MACD line remains slightly above the signal line.
If buying momentum increases, the Ripple price could break above $2.50 and may pave the way for further upside, targeting the $3.00 level.
On the downside, if XRP breaks below $2.20, the next major support lies near $2.00. A drop below this mark could intensify selling pressure, driving prices lower.
To sum up, the XRP price recovery remains uncertain amid competition from Pi Network and KAITO. While Ripple struggles near $2.20, Pi and KAITO show stronger momentum. Binance’s PI decision and XRP’s legal clarity will determine if Ripple can outperform these rising tokens.
Frequently Asked Questions (FAQs)
XRP faces regulatory uncertainty due to the ongoing SEC lawsuit, limiting bullish momentum. Additionally, strong competition from rising altcoins like Pi Network and Kaito token has overshadowed its price action.
Binance’s community vote on listing PI concludes today, February 27. If approved, the listing could boost PI’s price further by increasing liquidity and accessibility for traders.
Kaito has secured a spot among the top 100 cryptocurrencies, reaching a new all-time high on February 27. Its recent listing on Coinbase has fueled its strong market performance.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/can-ripples-xrp-price-recovery-compete-with-pi-network-and-new-altcoins/
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