Cryptocurrency News

XRP Is Set For A New Bullish Run

Michael Collier

For the past few hours, Ripple has conformed to the bull’s way with the asset trading in an upward trajectory after moving from $0.57 to trade at a region close to $0.62. With this move, the asset has moved from below both moving averages to above the moving averages.

While that is something to cheer for on the part of traders, relative strength index analysis has shown that the asset is now residing in a clear overbought region. This shows that even though the asset is showing a daily bullish move, it is trading in a sideways move in the long term.

Traders are backing XRP

Presently, XRP has seen a slight decline to trade at $0.60 after touching a region close to $0.62. With the momentum already building, the digital asset is well on course to trigger another bullish run to touch close to the $0.70 resistance figure. A look at its on-chain analysis sets it that XRP is currently being driven by the bulls, with further proof in its RSI showing that it is trading way above the 60 level.

If the scenario continues to be this way, the digital asset will continue to show its bullish strength. With the asset now high flying, a bullish move could ink it close to $0.68 before going on to touch $0.70. If the bulls gain ground, then the asset could go as high as $0.72. However, if a decline should come into play, the asset could be well placed to touch the $0.55 and $0.50 price zone. If the bears gain momentum in the market, the asset could well push lower to $0.48 and $0.46.

XRP/BTC Comparison

Against Bitcoin, the asset sees a big move that has pushed it above the moving averages, but it is still within the channel. Also, buyers have been the most deciding factor in the market as they have done their bit to push the asset closer to the 1200 Satoshi resistance figures. If the bulls cannot defend the asset, it could push below and touch the lower support level of the coin located close to the 850 Satoshi level. Meanwhile, that is not happening yet because the asset is presently showing bullish signs.