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XRP promises further gains, but only if…

2min Read

With 9.1% gains recorded over the past 48 hours, XRP can build on March gains.

XRP promises further gains, but only if...

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • XRP recorded 9.1% gains over the past 48 hours. 
  • $467.40k worth of short positions liquidated.

Ripple’s [XRP] bullish march made significant progress as the altcoin recorded 9.1% gains over the past 48 hours. A recent price report highlighted the possibility of further gains for XRP after bulls successfully defended a good portion of the March gains.

Is your portfolio green? Check the XRP Profit Calculator

Bitcoin [BTC] holding steady at the $26.5k price zone over the same period solidified the bullish charge, as XRP’s price edged toward a key resistance level.

Bulls ramp up the momentum

Source: XRP/USDT on Trading View

Despite the overall market conditions, XRP has been on an uptrend since 16 May after it found support at the $0.4172 level. While the uptrend has experienced significant pullbacks at the $0.5708 and $0.5401 levels, recent price action has shown that bulls were on the march again.

XRP posted four successive bullish candles on the 12-hour timeframe to rally toward the $0.4940 resistance level. This bullish activity might have been influenced by XRP’s non-classification as a security in the ongoing SEC lawsuit.

The on-chart indicators suggested that bulls are likely to flip the $0.4940 level to support. The RSI stayed at the neutral 50 mark despite a brief dip. The OBV also maintained its uptrend to signal steady demand behind XRP. The CMF posted a reading of +0.17 as of press time. This showed steady capital inflows into XRP.

A session close above the $0.4940 level on the higher timeframes will signal a strong opportunity for buyers to reclaim the $0.5401 level. However, a key challenge will be the bearish order block just below the level.

On the flip side, bears will look to halt the bullish momentum at $0.4940 with a price rejection at the level. This could flip XRP bearish with sellers targeting the $0.4451 and $0.4172 support levels.

Speculators back bulls

Source: Coinglass

A look at the 12-hour long/short ratio data from Coinglass revealed market sentiment leaned slightly toward bulls. As of press time, longs held a 50.35% advantage.

Read Ripple’s [XRP] Price Prediction 2023-24

The liquidation data over the same period also showed shorts suffered significant losses. $467.40k worth of short positions were liquidated compared to $171.04k of long positions.

These price moves by market speculators could intensify the buying pressure on XRP, leading to more gains in the mid/long-term.

Source: Coinglass


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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