- XRP’s value surged by nearly 4% in the last 24 hours.
Most metrics and market indicators looked bullish.
In the last several weeks, Ripple‘s [XRP] price has experienced numerous decreases, causing it to fall below important resistance levels.
With the market now showing a bullish trend, there’s growing optimism that XRP could bounce back from previous setbacks. It’s even possible that an uptrend, or bull rally, has already started for XRP.
XRP breaks above its resistance
Recently, FLASH, a well-known cryptocurrency analyst, drew attention to XRP‘s progression over the last few months through a tweet.
According to the tweet, the XRP chart showed two descending triangle formations which the token managed to rise above.
In April, things took a turn for the worst for the token as its price experienced a significant decline. However, if XRP‘s price manages to surpass the $0.51 resistance level, it could potentially reverse the unfortunate situation and bring about positive developments for the token.
An excellent development occurred as the token’s price surged by almost 4% over the past day, enabling it to rise above the designated level.
Based on information from CoinMarketCap, currently XRP is being bought and sold for around $0.5347. Its total value in the market exceeds $29.4 billion.
After examining Santiment’s data, AMBCrypto sought to determine if the upward trend was driven by the optimistic market climate or if supporting metrics were responsible.
We found that buying pressure on XRP was high as its exchange outflow spiked sharply last week.
The decrease in the token’s availability for purchase on exchanges, with investors snapping it up, served as additional evidence. Furthermore, there was a shift in investor sentiment towards the token, which became increasingly optimistic, as indicated by its increasing Weighted Sentiment score.
On the 21st of April, the token’s NVT ratio experienced a significant increase. An uptick in this measure suggests that the asset may be overvalued, potentially signaling the end of the token’s bull market.
XRP: Bull run to continue?
Based on some concerning metrics, AMBCrypto examined the token’s daily chart for insights into whether the bull market might persist.
As per our analysis, XRP’s MACD displayed the possibility of a bullish crossover.
The Relative Strength Index (RSI) of this asset showed an improvement and was trending toward the middle value, suggesting that prices may continue climbing.
However, the Money Flow Index (MFI) suggested otherwise as it moved downward slightly.
Is your portfolio green? Check the XRP Profit Calculator
In an ideal situation where XRP‘s price surge persists, the token could potentially bounce back from its setbacks. Initially, surmounting the $0.54 resistance mark would be a significant milestone to achieve.
Following that, the token’s price could reach $0.57 for investors to observe. Should the token surpass this threshold, it may regain the $0.6 value within the next few weeks.
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2024-04-21 23:03