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  • Thu. Aug 18th, 2022

XRP turns bullish and has up to 18% potential upsurge

ByNdasi Tata

Jul 6, 2022
1657049514534 546f6c98 19e3 4d74 bb2a da5ed2ac554b
1657049514534 546f6c98 19e3 4d74 bb2a da5ed2ac554b

  • Ripple’s XRP has gained by 4% in 24 hours.

  • Most cryptocurrencies are having relief rallies.

  • Technical indicators suggest that the XRP relief rally could continue in the short term.

After staging a bear market for a week, Ripple’s RP/USD is making a comeback. As of the time of writing, the cryptocurrency had returned more than 4% in the past 24 hours. There is no immediate trigger for the gains in XRP. However, a quick look into the crypto sector showed most cryptocurrencies are gaining. Bitcoin was up 6.28%, while Ethereum had returned at least 10%. So, was Tuesday’s gains a relief or a lasting rally?

Cryptocurrencies are known for their high volatility. Of late, they have become pegged to macro-events, including policy actions by central banks. We do not view the current macro-events as positive yet. It then follows that the gains posted in the last 24 hours are merely speculative. They do not indicate a long-term comeback in cryptocurrencies. Investors could still be looking for short-term opportunities in a beaten-down market. We believe that XRP is one of the cryptocurrencies that can offer short-term returns.

XRP stages a relief rally at a key support zone

1657049558372 cf5f8507 897d 4c92 8a1f e67a910f3575Source – TradingView

From the technical outlook, XRP is bullish after retesting the support of $0.31. The 14-day and 21-day moving averages have joined the support, suggesting a short-term bull run. The MACD line crossed above the moving average line, confirming a bullish push. We believe XRP is set for further gains in the next few days. Investors should still monitor the trade as the market remains largely bearish. The potential targets are $0.34, a short-term resistance, and an established level of $0.38. 

Summary

XRP is gaining as sentiment improves in the crypto sector. The longer trend is still bearish. The cryptocurrency could continue rising but will find resistance at $0.34 and $0.38.

The post XRP turns bullish and has up to 18% potential upsurge appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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