XRP has confirmed its stance as holding its position and even moving upwards in the rank tally after its recent uptrending price action. While the unsuspecting buyers would be considering BTC as the indicator of cryptocurrency sentiment, the utility offered by XRP is far above and beyond any other cryptocurrency.
Market capitalization for XRP has now moved past $25 billion based on its circulating supply. But despite the movement, the concern behind Ripple’s centralization and controlling authority on XRP cannot be denied, which is the only reason XRP has not yet earned the title of decentralized cryptocurrency. The proceedings of the SEC lawsuit will be changing the outlook for not only XRP but a vast majority of crypto and digital assets.
XRP has managed to overcome a major sell-off event, recovering from the depths below 200 EMA; XRP gained new strength to move in the positive direction. 200 EMA carries a huge weight in short-term price trends and incites buyers to make fresh entries.
Despite the overall negative sentiment for cryptocurrencies, XRP’s movement above 200 EMA has helped this crypto gain marginal profits on the price movement. Is this the best time to buy XRP tokens? Read our XRP forecast to know!
The short-term negative outlook developed on XRP as a result of some profit booking at the peak since the decline of May 2022 has over retraced. XRP is now headed towards $0.54, with only a marginal difference of movement covering the path to higher rewards.
RSI has taken a complete detour from the low of 53 to the high of 58. In the meantime, MACD’s bearish crossover is also losing its impact, and the curves are headed toward a bullish crossover. By the time MACD showcases a bullish sentiment, XRP could already have breached $0.9. The path would be filled with profit booking and retracements, but overall sentiment has finally turned bullish after five months of waiting.
XRP holders can finally take a sigh of relief and prepare themselves for a fresh round of upside movement. Both 100 and 200 EMA curves have started to move upwards, showcasing an overall positive sentiment developed across XRP buyers.
Transaction volumes have also jumped, inciting more buyers to participate in daily trades. The last four week’s price action showcased a major uptrending week followed by mild profit booking and repetition of similar price action. Overall support from the XRP token lies below $0.30, with $0.40 developing into a price action-based support level to dissuade any sudden profit booking or decline in XRP movements.
