BTC, XRP Price Bounce – Ripple Breakout of $2-$3 Range Will Decide Direction
The volatility in crypto continues, as the bitcoin BTC and Ripple XRP price makes massive swings this week, both of which bounced today after finding support earlier in the day.
Ripple has formed a strong support one at $2-$2.20
XRP saw a strong rally at the start of the month, surging 50% on Sunday following Donald Trump’s announcement of a U.S. national cryptocurrency reserve that would include Ripple (XRP). This news, combined with a bounce off the $2 support level on Friday, helped push XRP above key moving averages, reaching the $3 resistance level by Sunday.
XRP Struggles to Break $3 After 50% Surge
Despite initial momentum, buyers failed to push XRP beyond $3, leading to a steep reversal that sent XRP/USD down to $2.2150. However, the $2.20 support zone held, triggering a late-session rebound after reports suggested the U.S. might remove trade tariffs on Canada and Mexico if they comply with U.S. demands. This improved overall market sentiment, lifting risk assets like stocks and cryptocurrencies.
XRP jumped back above $2.50, but for bullish momentum to continue, buyers must break through the $3 resistance level. Since early February, XRP has been stuck in a $1 range between $2 and $3, making $3 the key breakout point for further gains. Conversely, a break below $2 would shift control to sellers, potentially triggering more downside momentum.
Bitcoin Sees Heavy Swings After Hitting Record High
Bitcoin has also been experiencing heightened volatility in recent weeks. BTC/USD reached a new record high of nearly $110K on January 20, the day of Donald Trump’s inauguration. However, the price fell below $100K in February, and by last Friday, Bitcoin had plunged below $80K in a dramatic reversal.
Bitcoin Chart Daily – The 200 SMA Holds As Support Again
On Sunday, Bitcoin saw a strong bounce, finding support at the 200-day SMA (purple), which sent the price soaring to $95,000. However, sellers quickly regained control, and by yesterday, BTC/USD had dropped below $82,000, wiping out most of the gains from Trump’s strategic crypto reserve announcement.
Despite this pullback, the 200-day SMA once again provided support, leading to a $5K rebound in BTC/USD. It remains uncertain whether this recovery will gain momentum, but if buyers can hold above key support levels, another attempt at higher prices could follow tomorrow.
Bitcoin BTC Live Chart
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