After a 14% correction since October 17, 2021, XRP managed to recover above key price levels. Since yesterday, the price managed to rise to $1.08, a 2% increase.
This news provided some hope for XRP investors as the descending triangle brought prices to a near-month low of $0.96. However, buyers managed to overpower selling pressures to bring the XRP to gain above $1.07.
However, this breakout would only be short-lived if selling pressures overpower buying volumes. More precisely, buy volumes would need to accumulate further for a potential breakout upwards.
Furthermore, if the support manages to consolidate within the 38.2% Fibonacci levels, the prices could restore to a bullish pattern for the rest of the year.
More importantly, if the support fails to hold, it could decrease the coin’s potential to reach equal footing with Bitcoin’s market capitalization. All traders can do is hope that XRP can reach the near-term targets of $1.16 – $1.18.
Regardless, the current correction upwards placed traders and investors at ease in the meantime. Other indicators remain undecided of the price’s future state.
Unfortunately, the coin’s 24-hour chart took a 24% decline, requiring further buying power to maintain the current support in the coming weeks.
Nevertheless, XRP traders and investors continue to fear how short-lived the price increase might be. More precisely, the potential correction might be a false breakout, insufficient to keep XRP prices at $1.
Currently, XRP’s market capitalization remains stable at 5,172,6062,655, while the circulating supply maintains at 47,015,237,181.
This week’s volatility was -0.29%, while last quarter’s volatility was 3.67%.