XRP Shows Signs of Potential Rebound After Post-Court Victory Losses
XRP cryptocurrency shows signs of a potential rebound after losing gains following a favorable court ruling. Learn more in this article.
Posted 10 months ago in Altcoins
After a period of decline that saw XRP lose much of its gains following a favorable court ruling against the U.S. Securities and Exchange Commission (SEC), there are signs that the cryptocurrency may be eyeing a rebound.
XRP, currently the fifth-largest cryptocurrency by market capitalization, experienced an RSI Bullish Divergence on its hourly chart, according to a crypto alert by 100eyes Crypto Scanner. According to the latest CoinGecko, XRP traded at approximately $0.496, up 0.7% with a market cap of over $26 billion.
A Relative Strength Index (RSI) bullish divergence occurs when the price of an asset decreases while the RSI increases, often indicating potential for an upward price movement. This divergence comes as a glimmer of hope for XRP investors who have witnessed the token shed value amid a generally bearish market sentiment.
Although Ripple emerged victorious in its July court battle with the SEC, the market hasn't maintained the initial enthusiasm. XRP's price rose to a yearly high of 83 cents on July 20, boosted by the landmark ruling. However, according to the latest data, the token has lost nearly all of its post-victory gains, trading below the 50-cent mark. Bearish sentiment appears to be affecting assets that were otherwise propelled by strong fundamentals.
Despite the recent losses, the RSI Bullish Divergence offers a glimmer of hope for XRP's potential rebound. However, caution is advised as divergences can be misleading, and the overall market conditions and regulatory developments can still have an impact on XRP's trajectory.
Last updated 9/11/2023, 4:20:00 PM
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