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