XRP recently experienced extreme volatility, preventing Altcoin from finding stability. After facing high price fluctuations, XRP had trouble resuming momentum.
This lack of consistency is obvious in the behavior of investors, because the uncertainty of the market has created a hesitation. Altcoin failed to establish a clear trend, keeping many traders on the fringes.
XRP relies on Bitcoin
The rate of new addresses of addresses for XRP has had a considerable decline since March, indicating that the part is losing its appeal to new investors. With only just over 4,000 new addresses added daily, XRP growth slows down. This trend reflects a broader uncertainty on the market, where investors hesitate to engage with an asset that lacks clear direction.
The recovery was not as strong as expected, and the global feeling surrounding XRP seems lukewarm. The lack of significant interest in investors can be attributed to the prolonged downward trend observed in the last month.
XRP is currently sharing a strong correlation of 0.86 with Bitcoin, which could work in favor of Altcoin. If Bitcoin continues its movement upwards up to $ 110,000, XRP can benefit from positive impetus.
If Bitcoin maintains its upward trend, XRP could see a similar resurgence, because the Altcoin generally reflects the action of BTC prices. This strong correlation can relieve XRP holders.
The XRP price is looking for the recovery
At the time of writing the editorial staff, XRP is negotiated at $ 2.16, holding above the level of support of $ 2.13. This support has contributed to preventing new decreases, and the probable scenario for XRP is a higher consolidation of this level. The next point of resistance amounts to $ 2.23, which could cap all the short -term gains if it remains unrived.
If Bitcoin continues its momentum upwards, XRP could pierce the resistance of $ 2.23, paving the way for new gains. This could allow Altcoin to challenge the barrier of $ 2.27, which acted as a strong resistance point. A sustained increase could lead XRP to higher price levels, depending on market conditions.
However, if the market conditions do not trigger significant gains, XRP can be dropped below the support level of $ 2.13. In this case, the Altcoin could slide at $ 2.08, reflecting the drop seen earlier this month. A drop below this level would cause additional weakness for XRP and could cause new sales between investors.
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