Ripple's XRP saw an 8% decline between October 21 and 25 but has since held firm at the critical $0.50 support level. This brief recovery raises questions about the sustainability of the rebound or if a further pullback is imminent.
On-chain analysis from Santiment shows a shift towards positive sentiment among XRP traders, potentially indicating a more optimistic market outlook. Sustained buying pressure, however, is essential for maintaining this upward trend.
The Bull Bear Power (BBP) indicator on the 4-hour chart supports continued bullish momentum, showing XRP buyers outpacing selling pressure. If the BBP remains positive, XRP could breach nearby resistance levels.
The daily chart reflects XRP trading below the 20-day EMA, a bearish signal. Nevertheless, it has regained the $0.50 support level, opening opportunities for price increases towards $0.60 if current buying pressure persists.
