Metrics Behind Ripple Price Push

Metrics Behind Ripple Price Push

Despite an largely dull cryptocurrency market, Ripple (XRP) appears to be an exception of sorts. In an environment that is largely driven by a negative price momentum, XRP has recently shown great price jump. One clear reason could be the possibility of a final verdict and closure of the SEC Vs Ripple case in upcoming days. To support this theory, major technical metrics are on a bullish pattern and hence there is chance of further rally.

There is a strong buying pattern with XRP over the last one week, with price jumping as much as 33% over the period. The sentiment around is that the SEC case led to an increase in trader optimism and high XRP whale movement. Also, the whales appear to have shifted their focus away from Ethereum, which had a historical upgrade in the form of The Merge.

XRP Price Rally – Technical Formation

Technical analysis shows that XRP is breaking the 18 month trend on the volume front, at the current levels. The cryptocurrency is also breaking a 22 month trend on the RSI. According to analysis by Crypto Banter, an influencer, these observations indicate huge buying opportunity for XRP. After a 33% jump over last week’s prices, it remains to be seen if the altcoin carries the same momentum forward.

“XRP is breaking the 18 month trend on volume front and the 22 month pattern on RSI front. This is obviously extremely high time frame bullish news like the once in a while crazy pump.”

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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