- XRP experienced a weekend recovery from its dip below $0.44, with Santiment highlighting its bounce amid broader crypto market corrections.
- The altcoin faces a significant test at the $0.558 resistance level while aiming to challenge subsequent price barriers.
- Maintaining the rebound involves overcoming technical challenges amidst its journey towards 2022 highs.
XRP saw some recovery over the weekend after dropping to lows below $0.44 on August 17th. The altcoin closed back in the green on multiple days, prompting analysis firm Santiment to note XRP’s rebound along with other altcoins following last week’s broad crypto sell-off.
Santiment suggested the bounce could continue this week as on-chain metrics show traders are still significantly down from local highs. However, XRP faces a key test at the $0.558 resistance level that rejected gains in mid-June.
After #crypto market caps dropped sector-wide last week, several #altcoins are scratching their way back, particularly $LTC, $XRP, & $XLM. With market value to realized value metrics continuing to show traders are down big, don't be surprised if the trend continues this week. pic.twitter.com/cX8q9Tcu7B
— Santiment (@santimentfeed) August 21, 2023
Flipping $0.558 to support could extend XRP’s nascent recovery. But the path forward still poses challenges. The daily moving average around $0.63 marks another potential hurdle before XRP can challenge the $0.66 and $0.72 levels. If selling pressure resumes, the 200-day MA at $0.50 remains an intermediate support level to monitor.
At the time of writing, XRP had pared weekend gains and traded down 3% over the past 24 hours around $0.526. The token dropped 16% over the past week as broader crypto markets corrected. Sustaining its rebound will require overcoming multiple technical barriers on the way back toward XRP’s 2022 highs.
