XRP Records 19.92% Gain from Recent Dip from $0.43

XRP has predominantly shown bullish momentum today, climbing back to the $0.52 range, amounting to a 19.9% gain from the recent crash from $0.4336.

Over the past day, XRP has reached a daily high of $0.52, marking an 8.8% gain from the intraday low of $0.4779.

Meanwhile, XRP reached its lowest point since 2023 on Saturday, when it tanked by more than 21% to $0.4336. The last time XRP traded at this level was before its legal victory, notably back in May 2023.

XRP Sees 19.92% Gain from $0.4336 Low

Accordingly, XRP’s rise to $0.52 represents a significant recovery, particularly considering it reflects a 19.92% increase from its weekend low.

XRP registered this gain amid a trading volume of $2.3 billion. Interestingly, it recorded such a high trading volume despite witnessing a 51.20% dip compared to the previous day’s value.

XRP Trading Volume | CoinMarketCap

Notably, XRP’s surge reflects the sentiment surrounding the broader market, which is seeing a relief rally after the massive dump that occurred over the weekend.

XRP Gain May Not Last

Meanwhile, several technical indicators on TradingView have suggested that XRP’s recent upswing might not be sustainable. The 4-hour and one-week timeframes show moving average indicators for XRP, issuing a strong sell signal.

This perspective is reinforced by analyst Alan Santana on TradingView, who maintains his bearish stance on XRP. He highlighted a notably bearish outlook on XRP’s one-week chart, indicating a potential downturn of up to 40%. He anticipates XRP dropping to as low as $0.2903 soon. As a result, Santana disclosed opening a short position against XRP.

Interestingly, this strong bearish sentiment contrasts with the prevailing bullish perspective of XRP surging into the $1 range this month.

At the end of last month, analyst Tylie Eric predicted a 60% rally that would propel XRP to $1 within nine days. However, contrary to the forecast, XRP continued to succumb to bearish pressure, establishing lower lows.

Similarly, analyst Dark Defender also foresaw a $1 target for XRP this month, aligning with previous forecasts that proved accurate. Moreover, Dark Defender emphasized XRP’s potential for a short-term surge to $2.31, likening it to a springboard.

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