XRP is staging a notable recovery after a steep decline, signaling renewed investor confidence and the potential for a surge toward the $4 mark.
Despite a recent liquidation event wiping out over $105 million in long positions, XRP’s rebound above $3.20 highlights strong buying interest at critical support levels.
According to COINOTAG analysts, “The aggressive defense of the $3 support level suggests bulls are preparing for a sustained upward movement, possibly targeting the psychological $4 resistance soon.”
XRP rebounds from $2.96 lows, eyeing $4 as investor optimism grows amid ETF-driven momentum and market recovery.
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Following a sharp decline to $2.96, XRP has demonstrated resilience by climbing back above $3.20, reflecting increased demand and strategic buying near key support zones. This rebound comes after a three-day downward trend that tested investor resolve and market stability. The cryptocurrency’s ability to hold above $3 has been pivotal, as analysts had warned of a deeper correction if this level failed. The current momentum suggests that buyers are actively defending this price point, which could set the stage for a renewed rally toward $4.00 and beyond.
The recent liquidation cascade, which erased over $105 million in XRP long positions, was a significant factor contributing to the week’s 6.56% price drop. This event was part of a broader $735 million sell-off across the crypto market, underscoring the volatility and risk inherent in altcoin trading. However, the swift recovery post-liquidation indicates that market participants are viewing the dip as a buying opportunity rather than a signal of sustained weakness. The interplay between liquidation pressures and subsequent buying interest highlights the dynamic nature of XRP’s price action and the importance of monitoring volume and order flow for future trends.
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Source: https://en.coinotag.com/xrp-shows-signs-of-recovery-potentially-targeting-4-amid-etf-optimism-and-market-volatility/