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The native asset of the Ripple ecosystem, XRP, is experiencing a very bullish market sentiment. Ripple price has rebounded strongly from its September lows. The recovery comes after an intense sell-off from its yearly highs. However, a key resistance on the chart must be broken to signal a proper bullish reversal.
On a weekly timeframe, the XRP price is up 6.43% this week. This marks the second green week after five consecutive weeks of the downtrend. The recovery in the altcoin market could be attributed to the recent surge in Bitcoin price. At the time of writing, XRP changed hands at $0.534, up 4.73% for the day.
Just after 20 days of the announcement, Ripple has discarded its plans to acquire the fintech firm Fortress Pay. Ripple invested in the Fortress via its seed round in 2022. Even though Brad Garlinghouse has vowed to keep the relationship between both firms intact, he will not be moving forward with his acquisition plans.
Ripple originally intended to integrate its payment tech into FortressPay. In May 2023, the crypto company also acquired a Swiss startup Metaco, which provided custody services to its clients.
As evident from the following XRP/BTC chart, the pair is showing a strong surge today. This suggests that Ripple price is gaining strength against Bitcoin. However, 0.00002 remains a significant resistance on the chart. A reclaim of this key level can trigger another rally in the price.
A broader look at the market reveals that XRP Price has outperformed most of the major cryptocurrencies this week. On a weekly timeframe, XRP is up 5.78%, while BTC is up only 2.56%. The coin has also outperformed Ethereum which is up 5.66% for the week.
On a daily chart, XRP/USD seems to be in the midst of a recovery. The following chart shows that the $0.55 level remains a major resistance level. If bulls overpower the $0.55-$0.585 supply zone, I expect Ripple price prediction to flip bullish. The bitcoin price has to remain bullish for the altcoins like Ripple to thrive.
It can also be seen on the daily timeframe that the price is respecting an upward trendline which is acting as a diagonal support. After the latest surge, XRP crypto is retesting the 200-day moving average which lies at $0.52. This key moving average acts as a line in the sand for many momentum traders. Price is considered to be in an uptrend when it breaks above 200 MA on a daily chart.
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