With minor gains, the wider cryptocurrency market showed indications of recovery, highlighted by Bitcoin’s return to $40,000 with a 1% gain. Ethereum followed suit, regaining control of the $3,000 level.
Ripple’s XRP has gained more than 2 percent in the last 24 hours, reaching a high of $0.79. The altcoin continues to indicate strong bullish analysis. The altcoin was under a lot of pressure at the $0.77 resistance, but it managed to break through during the day’s market action.
Due to the bullish price movement technical indicators point to a return to the $1 barrier, which was last reached more than a year ago. Additionally, the XRP/BTC ratio has increased by approximately 8%, indicating overall growth. At the time of writing, XRP is trading at $0.78.
What’s In Store For On-chain
- As per the santiment data, the Daily Active Addresses have also seen a tapering off of numbers from the charts, suggesting poor activity levels on the chain.
- Over the last two weeks, the coin’s social influence has increased. When we look at the historical social dominance is followed by a price rebound and has usually signaled instant optimism.
- Additionally, funding rates have been positive, implying that individuals holding long positions in XRP perpetual futures are paying to keep them – implying that some short-term bullishness may persist.
- According to data from Coinglass, over $3.1 million worth of shorts were liquidated in the recent ~9% rally.
Good opportunity for Short Term trading
A short-term Rally may be seen With these bears out of the way. Throughout the trading session, XRP investors may expect a strong bullish rally. To break through further bullish barriers on the road, the XRP coin must maintain its current momentum and climb towards the key resistance level of $0.81.
While an increase towards $1 is a realistic expectation based on the present trend, buyers should be wary of potential profit-taking action that would affect pricing. Any fall below $0.70 in the next 24 hours would invalidate the bullish thesis and push XRP down below support at $0.71.