•XRP/USD is currently priced at $0.38 and has increased by 9.49% over the past day
•The trading volumes have increased by 28.70% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: Will XRP take a new flight from hereon?
The XRP price today is $0.381667 USD with a 24-hour trading volume of $2,254,270,085 USD. XRP is up 9.49% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.1176 for the altcoin.
The start of November brought with it agonizing pains for the investors as Ripple fell heavily over the past two weeks. However, the bulls have staged a recovery and have been successful in quashing the bearish sentiment. As a result, the XRP price has moved ahead of the 20,50 SMA on the four hour chart. The resilience of the bulls will be tested if Ripple slumps to the $0.30 support level. It remains to be seen if the bullish rally has enough legs in it to scale the crucial resistance level placed at $0.50 which could kickstart a huge push to the upside from the investors.
Long Term View for XRP
The RSI for Ripple is currently transacting at 42.62 and a move above the halfway mark will prove to be the catalyst for further upside gains in XRP. On the other hand, the red histograms are decreasing in size on the daily chart, while the MACD and signal lines are also showing signs of recovery. However they are still transacting in the negative zone. The move into the positive territory will mark a turning point for the bulls in their bid for recovery in the coming days.
The sudden influx of positivity in the market has eased the concerns of Ripple investors, who had been constantly looking over their shoulders over the past month. The path ahead is positively bullish for XRP, although the presence of the bears cannot be completely discounted.
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.