Javier Hernandez SOL (Solana) experienced a noteworthy recovery on Wednesday, breaking a two-day losing streak and surging by approximately 7% during today’s trading session. This rebound came after hitting a two-week low on Tuesday, which was triggered by a broader market downturn following recent highs. Similarly, XRP (formerly known as Ripple) showed positive momentum, with its value edging higher and hovering near a crucial price support level.
Solana (SOL):
Wednesday proved to be a promising day for Solana as it rebounded from a two-week low. The bullish sentiment took hold as investors capitalized on the dip in price from the previous day.
Having reached a bottom of $22.86 on Tuesday, SOL/USD quickly climbed to an intraday high of $24.56 earlier today.
In recent weeks, the token had experienced a predominantly downward trend after peaking at an eight-month high above $30.00 on June 14.
Analyzing the daily chart, the relative strength index (RSI) bounced off the 52.00 mark during today’s rally.
Currently, the RSI stands at 57.51, indicating the possibility of further upward movement toward a resistance level at 60.00.
If this threshold is breached, it strongly suggests that SOL may surpass the $25.00 mark.
XRP:
During today’s trading session, XRP remained in close proximity to a significant support level, consolidating its position.
XRP/USD reached a peak of $0.7141 earlier in the day, following a decline to an intraday low of $0.6961 on the preceding day.
Over the past month, XRP has primarily traded within the range of $0.7000 (floor) and $0.8200 (ceiling), with a notable surge to $0.9479 earlier this month.
In the recent price action, XRP bulls stepped in after a brief dip below the mentioned support level, resulting in a push towards higher prices.
The stability observed around the 57.00 mark further bolstered the bullish outlook.
To sustain the current slight rebound, the next target for XRP will be to overcome the $0.7500 resistance level.
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Let us know your thoughts in the comments on whether you believe XRP could surpass $0.7500 before the end of July.
Table Of Contents
Frequently Asked Questions (FAQs) about crypto market rebound
Q: What happened to Solana (SOL) and XRP in the crypto market on Wednesday?
A: On Wednesday, Solana (SOL) experienced a 7% surge, breaking a two-day losing streak after hitting a two-week low the day before. Similarly, XRP edged higher, remaining close to a key price support level during the trading session.
Q: How did Solana (SOL) perform in recent weeks?
A: Solana had mostly traded lower in recent weeks after reaching an eight-month high above $30.00 on June 14. However, it managed to recover from the downtrend and showed positive momentum on Wednesday.
Q: What factors contributed to the rebound in Solana’s price?
A: The rebound in Solana’s price came as the relative strength index (RSI) bounced on a floor at the 52.00 mark, indicating renewed bullish sentiment in the market.
Q: What is the current outlook for Solana (SOL) in terms of price movement?
A: With the RSI tracking at 57.51 and the potential to reach a resistance level at 60.00, there is a strong possibility that Solana’s price could go above $25.00.
Q: How did XRP’s price perform on Wednesday?
A: XRP showed slight gains on Wednesday, hovering near a key support level. It peaked at $0.7141 during the session after slipping to an intraday low of $0.6961 the day before.
Q: What has been the recent trading range for XRP?
A: XRP has mostly traded between a support level of $0.7000 and a resistance level of $0.8200 since surging to $0.9479 earlier this month.
Q: What supported XRP’s upward movement on Wednesday?
A: XRP bulls reentered the market, pushing the price higher. The price strength stabilized around 57.00, which contributed to increasing bullish prospects.
Q: What is the next target for XRP’s price movement?
A: The next target for XRP is to capture the $0.7500 resistance level to maintain its current slight rebound.
Q: Is there a possibility for XRP to move above $0.7500 before the end of July?
A: The possibility of XRP moving above $0.7500 by the end of July remains uncertain and is subject to market conditions and investor sentiment.
More about crypto market rebound
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Solana (SOL) CoinMarketCap: Link to CoinMarketCap page for Solana (SOL)
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XRP (formerly Ripple) CoinGecko: Link to CoinGecko page for XRP
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Relative Strength Index (RSI) Investopedia: Link to Investopedia’s explanation of RSI
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Cryptocurrency Market News CoinDesk: Link to CoinDesk’s cryptocurrency market news
5 comments
xrp holdin steady, bulls reenterin, watch out for $0.7500, mayb big move soon!
sol/USD bouncin off the floor at 52.00, bulls ruln da show! $25.00, here we comeee!
Check out CoinGecko 4 latest xrp updates n coinmarketcap 4 solana deets! gr8 sources!
solana goin up 7% in a day, wow! bullish trend back on track, hopin 4 more gainz!
xrp stayin strong, near support, $0.7500 is possibl b4 july end? lets c!