XRP recovers and eyes breakout above $2: Check forecast

Source: CryptoNewsNet Original Title: XRP recovers and eyes breakout above $2: Check forecast Original Link: Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are up by roughly 3% in the last 24 hours, regaining strength despite the low trading volume.

The thin liquidity in the market is due to the current holiday season. However, Bitcoin has regained the $90k level, while Ether is trading above $3k.

The bullish moment in the market comes as geopolitical tensions ease with peace negotiations gaining momentum.

The technical outlook for the three leading cryptocurrencies is increasingly bullish, with the selling pressure currently declining.

XRP reclaims $1.9 as market sentiment improves

XRP, the native coin of the Ripple ecosystem, is up by roughly 2% in the last 24 hours, reclaiming the $1.9 level. The recovery comes after XRP held the $1.8 support level over the weekend.

The market is bullish as geopolitical developments support risk-on sentiment.

However, the ongoing conflict between Russia and Ukraine continues to impact global markets. Recent attacks on key energy infrastructure have affected market dynamics despite ongoing diplomatic efforts.

The prolonged conflict has been raging for nearly four years, adding to inflation in the global economy and affecting the cryptocurrency market.

XRP’s positive performance also comes as the cryptocurrency continues to struggle with declining whale holdings.

Recent on-chain data shows that the number of newly created addresses on the XRP Ledger (XRPL) has remained relatively suppressed, averaging 3,440, down from 4,501 on December 1.

According to Glassnode, the average value of XRP held by whales currently stands at $104 billion, down from the $129 billion recorded on October 10 and $191 billion on July 21.

If the whales continue reducing exposure, XRP could continue to face further selling pressure and could struggle to overcome key resistance levels above $2.

XRP eyes a breakout above $2

The XRP/USD 4-hour chart is bearish and efficient as the coin has lost 1% of its value in the last seven days.

At press time, XRP is trading at $1.9 per coin, up by less than 2% over the weekend.

XRP is now approaching the resistance trendline of a falling wedge pattern on the daily logarithmic chart, near $1.94.

If the daily candle closes above this resistance level, XRP could aim for the 50-day EMA at $2.06.

The Relative Strength Index (RSI) on the 4-hour chart reads 57, indicating a rising buying pressure.

Furthermore, the MACD extends an upward trend after crossing above the signal line on Saturday, indicating a strong bullish momentum.

If the bulls fail to build on this momentum, XRP could reverse below $1.90 and target the next daily support level at $1.79.