How Long Will XRP’s Recent Uptrend Last? Key Price Signals Say

How Long Will XRP’s Recent Uptrend Last? Key Price Signals Say

User⁣ image

Contributor

  • XRP has been on a somewhat sustained but tentative uptrend.
  • Despite bearish attempts to reverse gains, XRP is holding higher lows after each bull ‌flag.

Over the past few weeks, Ripple [XRP] ‍ has unexpectedly ridden a​ veritable bullish wave, attracting ‍the attention of investors and analysts alike. However, the pressing question remains: how long can XRP sustain ⁤this uptrend?

XRP’s opening and closing prices show a general downtrend‌ with slight recoveries throughout the day. As seen in the chart below, XRP’s MACD line​ is fluctuating around⁣ the zero‌ line, indicating a market in equilibrium between bulls ‌and bears.

Source: ⁤TradingView

The presence of blue spikes above ⁣the​ signal line briefly indicates bullish momentum but is quickly neutralized as seen by ​subsequent red valleys below the signal line.

Will the bullish momentum stall or…?

Occasional spikes in the RSI ⁣indicate short periods of increasing buying pressure. However, these are not sustained, suggesting that any‌ uptrends are hesitant and not strongly supported by sustained ⁣buying pressure.

XRP

Source: TradingView

The presence ‍of multiple bull flags in the chart⁤ above, especially⁢ after upward ‍moves, signals sustained bullish momentum.

However, these ⁤poles are followed by horizontal ⁣or minor retracement moves ⁢that ⁤form the “flags” as shown in the chart above. This pattern​ typically indicates a consolidation phase.

Price has proven resilient⁣ by ‌holding​ levels ⁤above previous resistance zones ‍that became​ support zones.⁤

Each bull flag forms at a higher level than the previous one,⁣ indicating small but consistent bullish sentiment.

XRP

Source: TradingView

Over ‌the past five days, ​XRP has seen instances where⁢ an inverted head and shoulders pattern may have formed. ‍However, these instances appear ‌to be crowded⁣ and overlapping due⁢ to frequent markings, indicating⁤ consistent​ attempts by the bears to reverse the ‌uptrend.

Recent chart movements ⁢around the marked areas suggest frequent tests of​ resistance levels. XRP’s social volume has declined since the start of the year, but it is ⁤currently ‌doing better than it was a month ago.

Source: Santiment


Realistic‌ or not, here is XRP’s market cap in BTC terms


Social dominance also appears ​to be⁤ on the uptrend, albeit not at the ‍highs seen in‍ December and January.

All in all,⁢ XRP’s ‌bears are actively battling the‍ bulls, and for‌ the ⁤momentum to continue,‍ buying pressure needs⁤ to increase significantly.

Related Articles

AskFX.com