Technical Analysis Indicators Show That XRP Might Swing Upwards
The XRP is looking hopeful as several technical indicators show positive results. Ripple’s price continues to be affected by the ongoing lawsuit with the Securities and Exchange Commission. Not only that, but it also continues to be affected by the overall performance of the cryptocurrency industry. On one look, the whole industry appears to be in a bearish trend. Even Bitcoin and Ethereum are not immune to this kind of movement.
Although, experts believe that Ripple can pull the price up, especially with the case’s developments focusing on William Hinman’s documents. Ripple continues to bag small victories, and the odds are in their favour.
Moving over to the technical side of XRP’s price action, several indicators show a possible bullish trend in the coming days, although it is early to tell if it will happen or if the altcoin can keep the ground. After the Relative Strength Index hit the oversold region, buyers seemed to pressure the market. From a one-week chart standpoint, bullish momentum is rising as the XRP tries to go across and possibly above the resistance level of $0.68. The immediate resistance level is at $0.56, which Ripple is nearing going above.
While it attempts to make a comeback, the selling pressure has worn out the bulls in the market, as shown by the 20-day moving average. XRP’s price is below the 20-day moving average level, which means that sellers are trying to gain the upper hand to counter any efforts from the buyers.
The good news is that the XRP is now out of the oversold region, as shown by the Relative Strength Index (14). The upward momentum can also be possible, as shown by Chaikin Money Flow, which is now above the zero-line. It means that the capital inflows exceed the outflows, which could cause the altcoin to rally.