XRP, the cryptocurrency that experienced a six-day plunge, is showing early recovery signs with its price rising by 0.83% to $0.483 on Friday. This increase suggests a potential pivot in the market, which has been caught between bullish and bearish trends.
The crypto market's overall recovery comes after a sell-off week that coincided with inflation figures surpassing estimates and the Federal Open Market Committee (FOMC) hinting at another rate hike before the end of the monetary tightening cycle.
The inclusion of XRP in HKVAC's top five cryptocurrencies, where it replaced USDC, appears to have fueled the bullish momentum. If this momentum continues, XRP is expected to hit resistance at key levels: daily MA 50 ($0.508) and daily MA 200 ($0.529). However, if bearish trends persist, XRP could approach its significant support at $0.459.
This shift in market dynamics underscores the volatile nature of cryptocurrencies and their susceptibility to broader economic indicators such as inflation rates and monetary policy decisions.
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