Over the past few hours, XRP bulls have taken command of the market. This increase may be attributed to Ripple’s legal battle support from crypto and fintech behemoths such as Coinbase (NASDAQ:COIN) and its top ranking on LunarCrush.
Bulls kept the uptrend going during the upswing, pushing the value to $0.4098, an increase of 7.54%.
The market capitalization and trading volume, which increased by 8.85% and 42.85%, respectively, to $20,821,358,162 and $1,461,858,763, provide additional evidence of this bullish dominance. This high volume during an advance, which is rising, signals a buying opportunity, as the XRP market has demonstrated.
XRP/USD 24-hour price chart source: CoinMarketCap
On the 4-hour XRP price chart, the Commodity Channel Index (CCI), which currently has a value of 192.63, is rising. When trading CCI, the goal is to buy when the indicator rises above 100 and sell when it declines below 100. Therefore, given that the XRP CCI has a rating of 192.63, this bullish trend in the currency is expected to continue.
With the top band touching at 0.4136 and the lower band touching at 0.3534, the Bollinger Bands are bulging and signalling an increase in market volatility. Since this is a bullish pattern, it is projected that XRP prices will climb. The market’s price tendency towards the top band backs up this notion.
XRP/USD 4-hour price chart source: CoinMarketCap
The Moving Average Convergence Divergence (MACD) value of 0.0092 indicates a bullish crossover as it moves upward and above the signal line. The idea that a bull run will continue until the bulls wear out is supported by this activity.
The Bull Bear Power (BBP) line is expected to rise above “0” when bullish momentum is anticipated to advance. The BBP line is trending northward in the XRP 4-hour price chart, with a reading of 0.0414 supporting this tendency.
At 67.47, the stochastic RSI indicates that the market is neither overbought nor oversold. The selling and purchasing pressures are equal at this level, so the current trend is bound to continue.
XRP/USD 4-hour price chart source: CoinMarketCap
If the bullish trend in the market is to continue, bulls must battle to keep the resistance level and prices afloat.
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Source: Cryptocurrency - investing.com
