The cryptocurrency market’s crests and troughs have been a thing to watch with some users predicting a bullish rise, but a majority have also called for a bearish slump. Popular cryptocurrencies like Bitcoin, Ethereum, and XRP, have seen a sideways shift in their respective prices, and users are expecting their value to ‘moon’ soon.
XRP, the third-largest cryptocurrency, saw a price crash this year, falling from its peaks in 2018 and 2017. Speaking of the cryptocurrency’s latest performance, CryptoWelson, a crypto enthusiast tweeted:
At the time of writing, XRP was trading for $0.29 an improvement over the $0.24-$0.25 range after holding for prolonged periods of time. The native cryptocurrency of Ripple held a total market capitalization of 412.75 billion, which is an increased 24-hour trading volume of $1.59 billion. A majority of the trade was conducted on MXC and BCEX, both of which held 6.92 percent and 4.11 percent of the total XRP transactions, respectively.
Some users in the cryptocurrency community also spoke about the slight resistance that Ripple (XRP) might encounter on its way to price peaks. Mikewinmill, a crypto enthusiast stated:
“Still some overhead resistance on the daily before we can see some fireworks. It’s lining up with the 200 EMA soon, which makes me think we’ll see an initial rejection before punching through to the upside.”
Analyzing the charts, users can verify the validity of the proposed bull run. The trend lines indicated a noticeable upward movement in the past couple of days, and the RSI, as well as the CMF, also point to a reasonable price forecast.
As we write this, the Relative Strength Index for the native Ripple cryptocurrency is nearing the overbought zone with a slight dip in the momentum. The hold near the overbought territory shows that the buying pressure is much more than the selling pressure.
The Chaikin Money Flow indicator stands way above the zero line, an indication that the capital coming into the Ripple market is much higher than the capital leaving the market.
Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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