Ripple price has recouped most of the losses triggered by Friday’s news on China’s cryptocurrency ban. It is about 4.12% lower than Friday’s high, which was hours before Chinese authorities indicated that crypto transactions in the country are now illegal.
Based on Monday’s rebound, the market appears to have priced in the event based on the regulators’ prior announcements on digital assets’ crackdown. The altcoin, which is ranked 6th in the crypto market according to CoinMarketCap, will likely rebound further to the support zone of $1.0000.
XRP has bounced back from the weekend’s low of 0.8920. At its current price of 0.9624, the altcoin is close to Friday’s intraday high of 1.0023.
Notably, the bears’ attempt to break out of the support zone of 0.9000 in the past week was unsuccessful. For a week now, Ripple price has been trading within a range of between 0.9000 and 1.0000.
On a two-hour chart, the crypto is trading slightly above the 25 and 50-day exponential moving averages. However, it remains below the long-term 200-day EMA.
In the near term, it will likely continue to find support along the 25-day EMA at 0.9487. At the current level, the bulls next target is at the psychological level of 1.0000. From this perspective, the resistance level to watch will be along the 200-day EMA at 1.0160. On the flip side, it may drop to 0.9150 as the support zone of 0.9000 remains a steady one.