Ripple (XRP) made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session.
Ripple transaction volume climbed to $3.96 billion on Monday, and retail traders capitulated, according to Santiment data. On-chain metrics paint a bullish picture for XRP recovery amidst the latest developments in the SEC vs. Ripple lawsuit. XRP wiped out nearly 1% of its value on Wednesday, technical indicators suggest recovery is likely. Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session.
While the altcoin erases nearly 1% of its value on the day, the Moving Average Convergence Divergence momentum indicator in the daily chart suggests a recovery in XR/USDT is likely. The MACD shows green histogram bars above the neutral line, and the MACD line crosses above the signal line, supporting a bullish thesis for XRP. XRP could rally towards the Fair Value Gap between $0.5008 and $0.5164, as seen in the chart below. The next resistance for Ripple is $0.5330.
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