Earlier this week, the crypto markets experienced a bloodbath that was the direct result of Bitcoin failing to hold above its support level that existed around $3,550. Bitcoin’s ensuing drop led most cryptocurrencies to plunge 10% or more, from which many of them have since recovered. Ripple (XRP) is currently leading the markets, but most other cryptos have also seen decent gains today.
Today’s upwards price surge may signal that the markets are going to start a fresh upwards trend following their recent drop.
At the time of writing, Ripple is trading up over 11% at its current price of $0.323. Earlier this week, XRP dropped to lows of $0.28, which proved to be a region of significant buying pressure for the cryptocurrency, as it quickly surged after trading sideways around this price point.