- XRP is currently facing a bull run.
- Priced at $0.3971, XRP witnessed a 3.64% surge in seven days, at the reporting time.
- Indicators show XRP as unpredictable, which could shift its nature immediately.
XRP started the week in the green zone, however, went back to the red side for some time, before making another leap. Currently, XRP is priced at $0.3971, experiencing a 3.64% surge in seven days, at the reporting time. According to CoinMarketCap, XRP has also a market cap of $20,891,106,801 facing a fall of 0.98% in 24 hours.
Based on their quarterly report, Ripple Labs sounded confident against the SEC. Ripple also mentioned that regulatory clarity is something that they are “fighting for” as other countries have created the framework for the crypto industry. Even though, the case has not been finalized yet, XRP still remains to run with the bulls.
Moving on to the 4-hour chart, XRP, like most altcoins, started the new year by battling the bears, as the price was under the 200 EMA line. However, in mid-January, the 200 EMA and 50 EMA met each other during the golden cross, which indicated the start of an uptrend. XRP gradually started the climb onward.
The final days of January saw the 200 EMA line roaming in the Support 1 region, before leaving it by Sunday. Although XRP is enjoying the bull run, the gap between the 50 EMA and 200 EMA, seems to be close. The price is also within the grasp of the 50 EMA line.
The Relative Strength Index (RSI) is valued at 52.32 which is somewhere close to the neutral zone. However, if it keeps rising up, it could move into the buy region, which is a signal for the traders to start selling. The RSI also recently crossed SMA and went under it, which could indicate that there might be a chance for bearish. This could also be a small market hiccup, but, only time will tell the proper nature of XRP’s RSI.
The Bull Bear Power (BBP) is valued at 0.0015, which also confirms it is a bull run, however, the value could quickly become negative. This will create a power shift for the bears. It is difficult to predict the price movements currently as XRP’s nature could shift immediately. In case, indicators continue to prove it is a bull run, the prices may reach Resistance 1, meanwhile, if there is a trend shift, then XRP could fall back to Support 1.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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