Ripple (XRP) seems to be facing a similar kind of trend as other major cryptocurrencies that are currently bullish. This is because the general cryptocurrency market trend has started moving towards the bullish side.
Past Performance of XRP
On March 26, XRP’s trading value versus USDT was worth $0.8314 per XRP and it was a high price given the fact that the previous weeks were bearish for XRP.
Then the bears hit the low-level rally with low-level selling. This pulled the price of XRP down to $0.8275 per XRP. However, the bulls bought the dip and XRP’s price rebounded, coming all the way up to $0.9049 per XRP on March 28.
However, the bears also launched their selling attack and by the end of March, XRP’s price fell down to $0.8062 per XRP. Surprisingly, the bulls didn’t let the bears control the trend for long and XRP’s price started growing gradually with the strong buying power of the bulls.
At the time of writing, the trading price of the XRP/USDT pair is at a high of $0.8451 per XRP and it reached this level following a 3.24% surge.
Current Situation of XRP
The bulls are now in action and they have almost 58% of the total investors supporting them. The summary scale shows that the ratio of the buy:neutral:sell investors currently stands at 15:9:2. This is a strong indication of strong buying sentiments of the investors.
Even the relative strength index and the ultimate oscillator for XRP are over the midline and are currently at 56.3507 and 51.0820.
If the sentiments remain the same, then the investors may continue buying XRP and may push it up to $0.9031 per XRP. For now, it seems that the bears have exhausted their strength and may stay out of the competition for some time.
Therefore, the bulls can use the moment to their advantage and try to push XRP up to $0.9903 per XRP. If the rally persists and the investors keep supporting the cause, then the price of XRP may surge to $1.0488 per XRP.
On the contrary, XRP’s price may not sustain the pressure built up by the sellers at its current price. I that happens, then the bears may gain huge confidence and advantage over the bulls due to their strong selling capabilities.
If the bears continue with their selling spree, then the price of XRP may dip to $0.8163 per XRP. If the bears manage to deal the first blow, the moving averages and the RSI may also start following the selling trend.
As a result, more investors may start selling XRP, bringing its value down to $0.7939 per XRP.