XRP has turned out to be one of the best hedges against this week’s bearish market trend. Ergo, the question – How much longer can XRP sustain its current trajectory on the charts?
How much are 1,10,100 XRPs worth today?
XRP’s press time price of $0.39 represented a 10% upside after four consecutive days of being in the green. For context, Bitcoin recorded a 4% pullback while ETH was down by roughly 3.25% during the same 4-day period.
These observations confirm that XRP managed to overcome the general correlation and trend across the rest of the market.
Source: TradingView
Will XRP maintain this momentum? Well, the altcoin’s RSI indicator, at press time, was back above the mid-point, thus confirming that Relative Strength is now in favor of the bulls.
Nevertheless, the crypto’s latest rally has now pushed above the 50-day MA and is about cross above the 200-day MA. These indicators often act as pivot zones. Hence, there is a chance that XRP might pull back towards the weekend.
There are already some signs that indicate a slowdown in momentum might be imminent.
For instance – XRP’s price volatility is now at a 4-week low despite its latest rally. This is a confirmation that the price may not register significant price movements, unless there is a volatility resurgence.
Source: Santiment
Additionally, the network growth metric registered some upside too this week. However, it then crashed hard to a 4-week low over the last 24 hours. Could this be a sign of what to expect from XRP’s price action? That might be the case if sell pressure starts to mount on the aforementioned potential pivot zones.
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