Will It Withhold the Bullish Reversal?
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During this market turmoil, with most cryptos watching for outflows, XRP is heading towards the $0.6 mark, breaking all resistance in the short term. It is emerging because of the sense of community. The lengthy lawsuit between the Security and Exchange Commission (SEC) and Ripple Labs will be settled soon, encouraging retail investors to buy XRP at lower levels in the long term. We can find the volume increase on the daily chart.
Additionally, community sentiment is up because Ripple released a press release about the payment service provider. They are expanding the use cases for its On-Demand Liquidity product, making the community favorable for a decent bull run in the coming weeks. The company collaborates with I-Remit to improve cash management and flow.
I-Remit has been a partner for the last three years. They use ODL to automate the treasury payment process. Ripple was the first cryptocurrency to target international payments. XRP acts as a bridge between two fiat currencies, enabling low-cost cross-border payments.
Overall, the market looks red for most other cryptocurrencies, but XRP is unique in that it will start a bull run for at least the next three weeks due to its positive sentiment and news. As a retail investor, if you invest in XRP, Click here to read a detailed analysis of the coin’s performance.
At the time of writing, XRP was trading around $0.53, which has broken all resistance at the lower level. Over the past four months, it has consolidated in the $0.3-0.4 range, but is now in an uptrend. The next resistance could be around $0.6.
On the technical side, candlesticks form above the Bollinger band when the RSI is above 70 (overbought) and the MACD is bullish. We think now is a good time for short-term investments.
Is the boom a sign of a long-term positive trend? After taking support around $0.388, XRP has rallied to the $0.5 level with good volume on the daily chart, and the weekly chart suggests an upside, but it is not an ideal time for a long-term investment as $0.6 is strongly against this coin.
You can invest in the long term when it crosses a decisive resistance level from the current price. Most technical indicators are bullish at the moment and the last weekly candle has broken the upper area of the Bollinger bands, reflecting a sharp spike indicating an upcoming breakout.