2024-04-21 20:06:05
- The XRP value increased by almost 4% in the last 24 hours.
- Most market metrics and indicators looked bullish.
During the last few weeks, Then [XRP] has witnessed several corrections that have pushed the price to critical support.
However, as the market turned bullish, the chances of XRP recovering from earlier losses increased. In fact, it may have even started a bullish rally.
XRP overcomes resistance
FLASH, a popular cryptanalyst, recently published a cheap highlights the performance of XRP in recent months.
According to the tweet, the daily chart of XRP showed two falling wedge patterns that the token broke.
Things turned disastrous for the token in April when the price dropped sharply. However, if the XRP price breaks the $0.51 resistance, it might change the situation in favor of the token.
The good news was that the token managed to break through the level as its price increased by almost 4% in the last 24 hours.
According CoinMarketCapAt the time of writing, XRP was trading at $0.5347 with a market capitalization of over $29.4 billion.
AMBCrypto then analyzed the Santiment data to see if the uptrend was a result of the bullish market condition or if the metrics supported it.
We found that buying pressure on XRP was high as currency outflows increased sharply last week.
The fact that investors bought the token was demonstrated by the drop in supply on the exchanges. Sentiment around the token also turned bullish, as evidenced by the increase in its weighted sentiment.
However, the token’s NVT ratio increased sharply on April 21. A rise in the metric means an asset is overvalued, which might end a token’s current bullish rally.
XRP: Will the bull run continue?
Since some of the metrics seemed bearish, AMBCrypto analyzed the token’s daily chart to better understand the possibility of the bullish rally continuing.
According to our analysis, XRP’s MACD showed the possibility of a bullish crossover.
The Relative Strength Index (RSI) registered an upswing and was heading towards the neutral mark, suggesting a continued price rally.
However, the money flow index (MFI) suggested otherwise as it fell slightly.
Is your wallet green? Investigate XRP Profit Calculator
Considering a utopian scenario where XRP’s bullish rally continues, it may be able to recover its losses. The token’s first target should be to break through the $0.54 resistance level.
After that, investors might see the price of the token reach $0.57. If the token manages to break above that level, it might regain the $0.6 mark in the coming weeks.
This is an automatic translation of our English version.
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