Ripple News: XRP’s Historical Data Points Towards Imminent Rally, While Social Dominance Declines

The post Ripple News: XRP’s Historical Data Points Towards Imminent Rally, While Social Dominance Declines appeared first on Coinpedia Fintech News

As we get into the second half of 2023, crypto trends see Bitcoin asserting its dominance, drawing the bulk of investor attention. However, altcoins like XRP are not to be sidelined. In fact, market behavior analytics platform Santiment suggests these lesser-focused assets could possess the potential for growth.

XRP: Gaining Momentum Amidst Diminished Attention

Against the backdrop of the Bitcoin-centric market, XRP has steadily been making its presence felt. The token, primarily associated with remittances, managed a successful surge past the 50-day Exponential Moving Average (EMA) benchmark of $0.48.

If buying pressure escalates, XRP’s price might witness a 0.61% incline, breaking the barrier for its march above the $0.50 mark. With sustained bullish momentum, there’s a potential for a 10% increase from the current level, taking the token to the $0.55 benchmark. 

This optimistic forecast derives its strength from a rising Relative Strength Index (RSI) and green-tinted Awesome Oscillator (AO) histograms, indicative of increasing buying activity among XRP enthusiasts.

Also Read: Ripple News: XRP Lawyer Highlights Ripple’s Non-Security Status, Draws Parallels to Telegram Case

A Closer Look at the XRP Market

However, there is another side to this narrative. Day traders focused on short-term gains could potentially disrupt this rally, offloading their XRP holdings at the current market value. The resulting selling pressure might force XRP’s price back beneath the 100-day EMA at $0.45, or even lower than the 200-day EMA, set at $0.43.

A detailed examination of Ripple’s daily chart reveals notable price volatility around the significant resistance level of $0.55. This has led to the creation of a bearish double-top reversal pattern, prompting a significant drop below the critical support level of the 100-day moving average. 

Should the current pullback be successful, we may expect another decline toward the next key support region, encapsulating the significant support of the 200-day moving average at $0.43 and the static support zone at $0.42.

As of the time this article was written, XRP is trading at $0.488.