XRP recently reclaimed the $0.53 threshold for the first time this month, triggering hopes of a recovery campaign amid improved liquidity.
XRP’s struggle against the bears took a favorable turn on Sept. 12 following a massive plunge the previous day that saw the asset plummet to a three-week low of $0.4590. XRP registered a comeback on Sept. 12, closing above the $0.48 price threshold.
This comeback persisted until Sept. 20, resulting in the reclamation of the $0.52 territory for the first time in September. XRP surged by 13.36% from Sept. 12 to 20, registering seven winning sessions out of nine. Now the asset has recovered $0.53 amid a 4.16% increase.
XRP rallied to a high of $0.5254 on Sept. 20 to recover the value lost during the correction in August. The reclamation of the $0.53 threshold has triggered speculation of an incoming recovery that could see XRP reclaim the highs of July and early August.
Hopes of this recovery were further compounded by an improvement in liquidity for XRP over the past few weeks. As previously reported by The Crypto Basic, XRP witnessed an impressive increase in liquidity following the lawsuit victory on July 13.
While the asset’s price faced a downtrend after that, liquidity remained reasonably high, per data from Kaiko. According to the crypto data provider, XRP’s 1% market depth increased to a $12 million average in early September.
XRP Faces Opposition
However, amid the bullish expectations, XRP previously faced opposition to its latest recovery move. Upon hitting $0.5254 on Sept. 20, XRP witnessed resistance from the bears but managed to close the day above the $0.52 zone.
Nonetheless, the opposition from the bears became fiercer as the broader crypto market declined. XRP relinquished the $0.52 threshold, dropping to the support at $0.50. The asset is leveraging this point to prevent drops below $0.50.
Now, XRP has towered above the $0.53 price point, currently looking to capitalize on the market-wide rally to retest the much-coveted $0.55 territory.
In one of his most recent analyses, notable crypto analyst EGRAG called attention to XRP’s latest price movements. He asserted that if the rally continues, the asset needs to conquer the $0.55 resistance point to reclaim $0.60.
Notably, XRP sits below these price points despite a 4% increase over the past 24 hours. At $0.5311, the asset trades below the 50-day EMA ($0.5341) but sits above the 200-day EMA ($0.5202). This trend indicates bearish momentum in the short term but bullishness in the long term.