Cryptocurrency Market Update
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) have all seen a gain of about 3% in the last 24 hours, making a comeback despite a dip in trading volume.
This lack of market activity seems linked to the current holiday season. Interestingly, Bitcoin has climbed back to the $90,000 mark, and Ether is now above $3,000.
This positive trend comes amid U.S. President Donald Trump’s call for peace negotiations between Russia and Ukraine.
With selling pressure easing, many are feeling more optimistic about the technical outlook for these major cryptocurrencies.
XRP’s Recovery Amid Ongoing Conflict
XRP, the digital asset of the Ripple network, has gained roughly 2% in the past day, bouncing back to the $1.9 threshold after holding steady at $1.8 over the weekend.
The bullish sentiment in the markets appears to be bolstered by Trump’s recent discussions with Ukrainian President Volodymyr Zelenskiy about reaching a ceasefire.
That said, the conflict between Russia and Ukraine is still very much alive.
Despite ongoing diplomatic discussions, both sides have continued attacks on critical energy infrastructure, which complicates the possibility of peace.
The war has been going on for close to four years now, impacting global inflation and influencing the crypto market significantly.
Interestingly, XRP’s performance comes at a time when it faces dwindling whale holdings.
According to recent data, the number of new addresses on the XRP Ledger (XRPL) has been somewhat lackluster, averaging around 3,440—down from 4,501 just earlier this month.
Moreover, Glassnode reports that the average value held by XRP whales has decreased from $129 billion in early October to $104 billion now.
If whale activity continues to wane, XRP may face additional selling pressure and could struggle to breach key resistance levels above $2.
Monitoring Resistance Levels for XRP
Currently, XRP is on a bearish trend in the 4-hour chart, having lost 1% over the past week. Right now, it trades at about $1.9, showing a slight increase over the weekend.
It’s approaching a resistance trend line in a descending wedge pattern on the daily logarithmic chart near $1.94.
If XRP closes a daily candlestick above that level, it might aim for the 50-day EMA around $2.06.
The Relative Strength Index (RSI) for the 4-hour chart sits at 57, which suggests increasing buying interest.
In addition, the MACD is showing improved momentum, having crossed above the signal line recently. However, if this bullish trend doesn’t continue, XRP might drop below $1.90 and target the next support level at $1.79.
