Journalist
- XRP’s value surged by nearly 4% in the last 24 hours.
- Most metrics and market indicators looked bullish.
Over the past few weeks, Ripple [XRP] has witnessed multiple corrections that have pushed its price under critical support.
However, as the market turned bullish, the chances of XRP recovering from its past losses increased. In fact, it might have even begun a bull rally.
XRP breaks above its resistance
FLASH, a popular crypto analyst, recently posted a tweet highlighting XRP’s performance over the past couple of months.
As per the tweet, the XRP daily chart displayed two falling wedge patterns that the token successfully broke above.
Things turned disastrous for the token in April when its price dropped sharply. But XRP’s price going above the resistance of $0.51 could turn the situation upside down in the token’s favor.
The good news was that the token managed to break above the level as its price increased by nearly 4% in the last 24 hours.
According to CoinMarketCap, at the time of writing, XRP was trading at $0.5347 with a market capitalization of over $29.4 billion.
AMBCrypto then analyzed Santiment’s data to see whether the uptrend was a result of the bullish market condition or if metrics were backing it.
We found that buying pressure on XRP was high as its exchange outflow spiked sharply last week.
The fact that investors were buying the token was further proven by the drop in its supply on exchanges. Sentiment around the token also turned bullish, as evident from the rise in its Weighted Sentiment.
However, the token’s NVT ratio spiked sharply on the 21st of April. A rise in the metric means that an asset is overvalued, which might put an end to a token’s ongoing bull rally.
Santiment: Source
Will the bull run continue with XRP? AMBCrypto analyzed the daily chart of the token to determine if the bull run would continue. According to our analysis, XRP’s MACD showed the potential for a bullish cross-over. The Relative Strength Index, or RSI for short, registered a rise and headed toward neutral. This indicated a price increase. The Money Flow Index, however, indicated otherwise. It moved down slightly.
Source: TradingView
Is your portfolio green? Check out the XRP profit calculator or
if you want to consider a scenario where XRP continues its bull run. Tokens should aim to go above $0.54 as the first resistance level. The token price could then reach $0.57. The token could reclaim $0.6 in the next few weeks if it manages to break through that barrier.