XRP has bounced by 2% in the past 24 hours, with its price rising to $0.509501 as the wider crypto market records a similar gain in the same space of time.
This movement means that XRP is now up by 2.5% in the past fortnight and down by 4% in the last 30 days, altough the altcoin remains up by 50% since the beginning of the year.
It owes this increase to the largely positive ruling Ripple secured in its case against the SEC in July, and given that nothing fundamental has really changed since then, the market's increasing positivity could see XRP rise further in the coming weeks.
It's tempting to conclude that XRP is finally on the cusp of a breakout rally after weeks of overselling and underperformance.
The coin's relative strength index (purple) has risen to 50 after struggling around 30 for much of August and September, in a sign that buyers have begun to take advantage of the coin being sold at a discount.
At the same time, XRP's 30-day moving average (yellow) is at a position below its 200-day average (blue) that would suggest that the coin is ready to bounce back strongly.
Reinforcing this view is the fact that XRP's support level (green) has risen in the past week or so, implying that it has already bottomed out and consolidated around a new floor, ready to begin mounting new rallies.
Having said that, the past 24 hours have revealed data which shows that whales are still sending XRP to exchanges, yet this could be taken to mean that they expect the price to rise in the near future and will sell only when it gains some more.
And to be fair, XRP – as well as the wider market – has been due a rally for more than several weeks now, with XRP for its part doing nothing to justify its being sold heavily.
Indeed, XRP is in as goodRead more on cryptonews.com