The cryptocurrency market has seen a general rebound in the past 12 hours, with Ripple's cross-border token XRP also rising 5% to approach $1.50.
Analysts have assessed this performance, with some pointing out that the asset is nearing a critical sell-wall zone, which could impact its next move and whether it can challenge the $1.95 mark. However, some analysts remain skeptical about this rise.
$1.95 or Dead Cat Bounce?
The aforementioned rise has brought XRP's price close to $1.50, its highest point in two weeks. Another analyst, CW, presented a chart indicating that this price is effectively a significant sell-wall. If this level is broken, XRP's outlook would be relatively clear until the next major resistance at $1.95.
XRP Not Shorted?
This implies that traders are increasing their leveraged XRP positions, but clearly expect a significant upward move.
