XRP climbs 38%: Is this the start of a bull rally?

• XRP has declined in the last 24 hours.
• The sentiment has remained positive despite the decline.

Ripple’s XRP is experiencing one of its strongest price trends in recent months, marking it as one of the top performers over the last seven days.

This positive momentum in its price is complemented by a positive market sentiment that has persisted over the past few days.

Ripple shows strong trends

The price trend for Ripple (XRP) has demonstrated significant upward momentum throughout most of this month. 

According to an analysis by AMBCrypto, from around 8th July, XRP has seen an impressive increase of approximately 38%. Also, in the past four days alone, XRP experienced consecutive gains, pushing its price to around $0.6.

However, there has been a slight retracement in its value recently; as of this writing, XRP is trading at about $0.59, reflecting a decline of over 1%.

Despite this minor setback, technical indicators continue to signal a strong bullish trend for XRP.

Source: TradingView

The Relative Strength Index (RSI), currently at 65, suggests that XRP is in a generally bullish zone but not yet in overbought territory, indicating potential for further upside.

Additionally, the Moving Average Convergence Divergence (MACD), with its lines and histogram bars positioned above zero, reinforces the bullish outlook, pointing to sustained positive momentum.

Ripple in the last seven days

Despite a slight decline, Ripple (XRP) has been listed among the gainers over the last 24 hours, according to data from CoinMarketCap. The data indicates that XRP has experienced an approximate 1% gain during this period. 

Additionally, a broader look at the seven-day chart further highlights Ripple’s positive performance, showing a notable increase of over 12% for the week.

This week-long gain underscores a generally strong period for XRP, even considering the current minor pullback. 

The fact that XRP is still up significantly over the week despite recent losses suggests that the overall momentum for Ripple remains positive.

Futures market confirms positive momentum

The recent Ripple (XRP) funding rate analysis on Coinglass indicates a positive and rising trend, currently at approximately 0.09%.

This positive funding rate suggests that the long positions (buyers) are paying the short positions (sellers), which typically indicates that the bullish sentiment is prevailing in the market.

Source: Coinglass

 Realistic or not, here’s XRP market cap in BTC’s terms

Additionally, there has been a significant increase in open interest for XRP, which has risen to over $800 million. This marks a substantial growth from $667 million just a week ago.

The rise in open interest indicates that new money is entering the market and that more traders and investors are engaging in XRP futures contracts. This suggests a heightened level of market activity and interest in Ripple.