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Pepe and XRP Make a Splash: Are Crypto Markets Bouncing Back?

In short: Pepe, the deflationary meme coin, surged over 13% and broke out of a price ceiling at $0.000001200, while XRP, formerly known as Ripple, jumped up to 5% during Wednesday's session. Pepe's RSI is tracking at 49.15 and could move above $0.000001200 if bulls push past the key resistance level at 53.00. XRP rose to an intraday high of $0.5371 and could rally towards $0.6000 if bulls surge beyond the current resistance level at 63.00.

Our quick analysis:
In today's volatile cryptocurrency markets, two notable players made impressive gains. Pepe (PEPE), the deflationary meme coin, rose over 13%, while XRP surged by as much as 5%.

Pepe saw a low of $0.0000009764 on Tuesday before reaching its peak of $0.000001257 earlier today. Although the coin temporarily broke through its price ceiling at $0.000001200, it couldn't sustain its move and currently trades at $0.000001135. The relative strength index (RSI) is tracking at 49.15, slightly below a key level of resistance at 53.00. If the bulls can push past this point, there is a good chance that PEPE will break through the $0.000001200 mark again.

Meanwhile, XRP rose to an intraday high of $0.5371, up from its previous low of $0.4982. The token formerly known as Ripple briefly broke through the $0.5330 ceiling that has historically been a source of bearish pressure. However, earlier bulls opted to liquidate their positions, and the RSI failed to break its own ceiling of 63.00, currently tracking at 62.53. If the bulls can break through this point, the next target will likely be $0.6000.

Are the crypto markets bouncing back? Only time will tell. Stay updated with weekly price analysis by registering your email. And in the meantime, share your thoughts on whether XRP will hit $0.6000 in June in the comments below.

Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.

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