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.
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/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.
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.
To sustain the current slight rebound, the next target for XRP will be to overcome the $0.7500 resistance level.
Let us know your thoughts in the comments on whether you believe XRP could surpass $0.7500 before the end of July.
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
Solana (SOL) CoinMarketCap: Link to CoinMarketCap page for Solana (SOL)
Relative Strength Index (RSI) Investopedia: Link to Investopedia’s explanation of RSI