Cryptocurrency News, Cryptocurrency Price Analysis

XRP Showing Bullish Signals

The digital assets market is currently bleeding, with Bitcoin leading other digital assets in the bearish direction. XRP saw a small boost to move from its previous $0.42 price region to trade at $0.44 before going in to touch its intra day high of $0.47. Even though the digital asset has sharply retraced to trade at its previous price, it shows signs of bulls returns.

Looking at a detailed move of the asset in the short term, it has accumulated a gain of about 4.12% under 24 hours. This shows that if a move above $0.48 is witnessed, then we could welcome the possibility of the digital asset reaching a $0.50 price region.

A bullish run could trigger a trade of around $0.50

Even though the bulls are still hoping for a possible charge upwards, the digital asset is still trading close to its previous price of $0.44. If the price of the asset refuses to make a surge and trades above the channel instead, it will trigger a decline to rest at $0.30. If the decline move is sustained, the digital asset could move further down to touch the next support zone at $0.25 before reaching its last level of $0.20. Also, with the line of the 21-day moving average still on top of the 9-day moving average, the bears would continue to decimate the market any chance they get.

The asset is also trying to cross the 50 level of its Relative Strength Index, and if this happens, then the predicted bullish run would be kick-started. If the bulls use this opportunity to their advantage and find momentum, the digital asset could move close to its first resistance level of $0.55. If the movement is sustained, the digital asset could well be on its way to touch the other resistance figures at $0.60 and $0.65.

XRP/BTC comparison

Against Bitcoin, XRP is presently in a consolidation phase. With several traders pushing the asset, it could well be on its way to trigger a bullish movement against the leading digital asset. This can be noticed in the 9 day, and 21-day living averages as the asset is still trying to make its way above them. If the bullish run is triggered, the coin could well be taken by the bulls to touch the resistance level of 1500 Satoshi and other resistance above it.

With the 9-day moving average still battling to come up above the 21-day average, a move into the lower boundary channel may see the digital asset seek out support towards the 500 Satoshi level. Also, the RSI is signaling the same thing, and it also shows that a sideways trade is expected in the market in the coming days. Even though XRP is doing better than most coins, traders would be hoping that things continue to work in their favor, seeing the coin surge.

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