- XRP rebounds sharply as bulls regain control after major sell-off.
- $105 million liquidation fails to stop XRP’s upward price momentum.
- Traders eye $4 target after XRP reclaims crucial support level.
XRP saw a strong recovery over the weekend following a sharp three-day decline that pushed the token to $2.96. Buyers stepped in at key levels, driving the price up to an intraday high of $3.214 on Saturday.
Following a turbulent week, XRP dropped over 6.56%, with the majority of losses triggered by Thursday’s liquidation event. More than $105 million worth of XRP long positions were liquidated that day, making it the second-largest altcoin liquidation in a wider marketwide crash of over $735 million.
The pressure was heavy, but the token recovered soon as the market participants were protecting the important $3 mark. The sharp recovery subsided emotions, and the bullish momentum was back.
Also Read: Why 1,000 XRP Could Be Worth $9,000 by 2026, According to Expert Analyst
Earlier, XRP rose to $3.55 and then started a three-day debacle during which prices fell. The asset consolidated after reaching a high of $3.666, and sellers took over. This triggered the events that took place last week, when the sell-off, fuelled by the liquidation, temporarily shook the bullish framework.
XRP Bulls Regain Control as Eyes Shift Toward $4
The rebound from $2.96 has now sparked optimism that XRP could test higher levels if current momentum holds. Traders are also observing the trend of trading between $3.20 and $3.30, which may be used as a springboard towards the psychological $4.
Strong buyer intent is present, and seller pressure is off with the ability to see upside movement. Continued buying in the associated area can bring a new impulse that will test the old resistance points.
Market sentiment has turned cautiously optimistic, with bulls regaining short-term control. It might take a close above $3.30 to give a cue that the next run higher is confirmed.
The resurgence of the XRP price in the aftermath of a stunning liquidation of $105 million has emboldened bullish thinkers. Now that these important levels have returned to action, the emphasis shifts to whether or not the XRP is capable of continuing its recovery and propelling itself beyond the $4 mark.
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