Ripple Labs (XRP) Surges as South Korean Demand Outpaces Bitcoin and Ethereum

The rally was accompanied by a significant rise in trading volume, which spiked to $10.7 billion, signaling renewed investor interest.

The crypto market has seen a significant shift in recent times, with Bitcoin (BTC) now trading above the $100,000 mark and other major altcoins also showing impressive gains. Among the top performers is XRP, which has reportedly breached the crucial $2.50 resistance.

This surge in XRP price can be attributed to several factors, including its position above the 50-period Exponential Moving Average (EMA) at $2.41, a level that has historically indicated bullish sentiment. Moreover, XRP is still in the process of breaking through the multi-month falling wedge pattern, a classic technical signal that suggests a potential continuation toward the $3.45 level.

However, resistance is expected near the $2.80 level, which could be the next target for XRP if buyers maintain control. The Relative Strength Index (RSI) has also recovered to above 57, indicating strengthening buying pressure.

At the same time, rumors of a possible spot XRP exchange-traded fund (ETF) have intensified following the critical legal battle with the U.S. Securities and Exchange Commission (SEC).

According to a report by Benzinga, the Relative Strength Index (RSI) on the 4-hour chart of XRP/USD has recovered to above 57, which signals that buying pressure is still relatively strong.

The report adds that if XRP manages to stay above the 50-period Exponential Moving Average (EMA) on the 3-day chart at $2.41 and breaks through the $2.56 resistance level, then the next target could be around $2.70.

However, if sellers manage to push the price below the 38.2% Fibonacci retracement level at $2.47, which is also a rising trendline on the short-term charts, then it could open the door for a retest of the $2.30 support level.

"A sustained move above $2.56 could pave the way for a continuation toward the $2.70 level, which is the 23.6% Fibonacci retracement level. On the other hand, a drop below the 38.2% Fibonacci retracement level at $2.47 could lead to a retest of the $2.30 support level," the report noted.

The report further states that XRP has been trading at a premium to Bitcoin in recent months, which is another factor that could support further upside in the short term.

"XRP has been outperforming Bitcoin in recent months, and this relative strength could continue to support further gains in the short term. Overall, the technical setup for XRP remains constructive, and the potential for further gains is high if buyers remain in control," the report concludes.

Next Fed Meeting Could Impact Bitcoin Price

Meanwhile, Bitcoin is facing resistance at the $100,000 level, which could be tested again following the next Federal Reserve meeting. According to a report by Benzinga, Bitcoin is likely to find support at the $90,000 level, which is the 50% Fibonacci retracement level of the 2023 move from the March lows to the April highs.

The report adds that Bitcoin could rise to as high as $110,000 if it manages to break through the $100,000 resistance level.

"A break above the $100,000 level could open the door for a continuation of the uptrend, with the next major resistance level at the $110,000 level, the 1.236 Fibonacci extension of the 2023 move," the report noted.

The report further states that Bitcoin is still in a bull market and has more room to run.

"Bitcoin is still in a bull market and has plenty of room to run. The cryptocurrency is up more than 400% since the March 2020 lows and is now trading at all-time highs. With the Federal Reserve expected to keep interest rates stable at the upcoming meeting, the door could open for Bitcoin to continue its ascent."

The crypto market is known for its volatility, and rapid shifts in market sentiment can lead to significant price fluctuations. As always, it's crucial to conduct thorough research and invest wisely, considering your own risk tolerance and financial goals.

Stay tuned for more crypto news and updates.

As always, invest at your own risk!

The post Bitcoin Faces Key Resistance Level Ahed Of Next Fed Meeting appeared first on Benzinga.

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This article is written with the assistance of AI.

The post Bitcoin Could See Pivotal Level Retest After Next Fed Meeting, Analyst Warns appeared first on Benzinga.

The crypto market has seen a significant shift in recent times, with Bitcoin (BTC) now trading above the $100,000