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Ripple’s XRP is up 4% in 24 hours.
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Relief rallies are taking place in most cryptocurrencies.
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Technical indicators suggest that XRP relief rally may continue in the near term.
After staging a bear market for a week, Ripple’s RP/USD is making a comeback. At the time of writing, the cryptocurrency is back by over 4% in the past 24 hours. There is no immediate trigger for profit in XRP. However, a quick look at the crypto sector reveals that most cryptocurrencies are on the rise. Bitcoin was up 6.28%, while Ethereum returned at least 10%. So, was Tuesday’s gain a relief or a permanent rally?
Cryptocurrencies are known for their high volatility. More recently, they have been pegged to macro-events, including policy actions by central banks. We do not see the current macro-event as positive yet. It follows that the profits posted in the last 24 hours are only speculative. They do not indicate a long-term return to the cryptocurrency. Investors can still look for short-term opportunities in a beaten-down market. We believe that XRP is one of the cryptocurrencies that can deliver short-term returns.
XRP Stages a Relief Rally in Key Support Zones
Source – TradingView
From a technical perspective, XRP is bullish after retesting the $0.31 support. The 14-day and 21-day moving averages have joined support, which suggests a short-term bull run. The MACD line moved above the moving average line, which confirms a bullish move. We believe that XRP is poised for further gains in the coming days. Investors should still keep an eye on the trade as the market remains largely bearish. Possible targets are $0.34, a short-term resistance and an established level of $0.38.
summary
XRP is rising as sentiment improves in the crypto sector. The longer trend is still bearish. The cryptocurrency is likely to continue rising but will find resistance at $0.34 and $0.38.
Post XRP turning bullish and potential volatility up to 18% first appeared on CoinJournal.
