๐จ $XRP 's Setback: WILL IT RALLY BACK? On-Chain Data Shows Optimism! ๐๐ฅ
After a 400% surge last month, #XRP is facing some hurdles. Despite the recent dip, on-chain data remains optimisticโis a rally coming soon? Let's break it down! ๐๐ฃ
Key Points:
XRPโs Recent Setback: After testing $2.58, XRP fell by 11% ๐, trading at $2.4 on Wednesday.
Rippleโs RLUSD Stablecoin: Contrary to rumors, RLUSD wonโt launch on Wednesday, pushing expectations back ๐๐.
$2.58 Resistance: XRP continues to face selling pressure at $2.58, but there's hope for a recovery if it can break above it ๐ช.
All-Time High Target: XRP is testing the $3.57 level, its ATH. Can it push through and set a new record? ๐โจ
Why XRP May Rally:
1. On-Chain Optimism: Despite the dip, XRPโs financing rate and weighted sentiment show room for price rise, suggesting bullish potential ๐๐ฎ.
2. Stable Momentum: The market isn't overheated, lowering the risk of a significant downturn ๐ก.
3. Stablecoin Updates: Rippleโs RLUSD will soon be launched, with Coinbase and other exchanges preparing for its debut ๐ฆ.
XRPโs Next Move:
๐ด Support Levels: $1.96 could act as support if the dip continues, near the 50-day SMA ๐. ๐ข Bullish Breakout: A large move over $2.58 might push XRP to a new ATH of $3.57 ๐ฅ๐.
With XRP's weighted sentiment low and momentum indicators testing, it could be primed for a bounceโkeep an eye on it! ๐๐ฅ