- XRP showed signs of bullish momentum after bouncing off critical support at $0.5557.
Metrics signaled a continued bullish rally.
As a seasoned crypto investor with a knack for spotting trends and a portfolio that has weathered multiple market cycles, I find myself increasingly optimistic about XRP‘s current trajectory. The recent 4% surge after testing the critical support at $0.5557 is a bullish sign, reinforced by the recovery of the stochastic RSI from the oversold zone and the decline in sell-side liquidations on Binance.
After successfully testing the crucial support level at $0.5557, XRP appears to be making a resurgence, with a 4% increase in its value.
The recent movement in XRP‘s price suggests it has rebounded from approximately $0.5557, a level that previously served as both a strong floor (support) and ceiling (resistance) for its value.
The retesting of this level as per the bullish scenario reinforces the intention of the bulls.
Prior to the recent surge, XRP experienced a drop of approximately 12%. However, this increasing bullish trend could serve as an enticing factor for large investors, potentially drawing them into the market.
The random RSI (Relative Strength Index) has moved back above the limit of the oversold area, hinting that further price hikes could potentially occur.
Indeed, this bullish crossing over shows that it is more than returning to XRP but extending its level, and more of it is coming soon.
Metrics support the bullish case
According to AMBCrypto’s examination of on-chain statistics, the situation appears to favor the bulls even more. Data from the Coinglass liquidation heatmap shows a decrease in the number of sell-side liquidations.
This supported that the chances of large sell-offs pushing prices down were getting lower.
Apart from the positive outlook on XRP Futures mentioned earlier, it’s worth noting that the size of Open Interest in these futures contracts has been increasing steadily.
This indicated an improving sentiment among both institutional and retail investors.
XRP bulls versus bears
Additionally, AMBCrypto examined the Short-Term Trend Indicator (Long/Short Ratio Chart) provided by Coinglass for a prediction of the market’s immediate movement.
The information showed an increasing positive momentum, and at the moment of reporting, the ratio stood at 0.96. This implied that the bulls were prevailing in the struggle, causing the market to lean toward a bullish position.
Read Ripple’s [XRP] Price Prediction 2024–2025
Based on the given factors, it seems that XRP‘s price increases have been steady enough to reach the higher resistance points.
In simple terms, it’s quite possible that we could reach a price of $0.64 soon, given the current strong buying trend holds up.
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2024-08-30 03:36