Crypto: Rebound opportunities to seize on XRP, Solana, and Arbitrum?

The cryptocurrency market has recently undergone a correction phase, especially following the launch of the Bitcoin Spot ETFs. Several altcoins have been impacted by this trend. XRP, in particular, saw its price drop, approaching its annual support level. This situation may represent a buying opportunity as a rebound seems imminent. An analyst from Coingape also anticipates an increase in XRP price, along with two other altcoins to watch.

The XRP cryptocurrency is approaching a critical zone

Grayscale’s liquidation of its Bitcoin holdings has influenced the market’s correction phase. Ripple’s cryptocurrency, the sixth in terms of market capitalization, has been affected. In fact, the price of XRP dropped from $0.62 to $0.528, a loss of 15%. However, this drop brings the asset closer to a critical level: its annual support level. This could motivate investors to buy, allowing the crypto to aim for higher levels.

An analysis by Sahil Mahadik from Coingape indicates that the price of XRP, which is on a progressive rise, is supported by an upward trend line. This line has effectively provided support during significant market downturns. Moreover, XRP has rebounded from this line three times. This demonstrates the continual interest of investors in buying XRP at the dips. This is a clear indication of a bullish sentiment.

If its price surpasses its overhead trend line, this could prompt an increase in buying. In that case, Ripple’s native crypto may reach $0.70 to $0.75.

Other Altcoins to Watch

XRP is thus a crypto to keep a close eye on. But other tokens such as Solana (SOL) and Arbitrum (ARB) are also on the radar. Each of these cryptos has demonstrated resilience and ability to recover during periods of uncertainty. Solana was among the most high-performing cryptos in the last quarter of 2023. Its price rose from $20 to $126 in October.

Furthermore, Arbitrum recently reached a new peak of $2.4. However, its price has fallen since then. At the time of writing, ARB crypto is trading at $1.71.

Thus, the current downtrend in the digital assets market could represent a ‘Buy the Dip‘ opportunity for investors. Meanwhile, Bitcoin, with its influence on the crypto market, is eagerly awaiting a significant rebound.