Ripple’s (XRP) price has risen to $0.3918, representing a 1.50% increase in value over the last 24-hours. Despite Gene Hoffman’s negative statement that the SEC will defeat the Ripple fintech giant in the long-running lawsuit, XRP has maintained this bullish sentiment.
The bullish strength is also bolstered by an increase in market capitalization, which has risen by 1.40% to $19,699,100,095 with a 24-hour trading volume of $754,494,861, which has risen by 1.30%, while the current CoinMarketCap rank is #7.
This bullish movement is supported by the 100-day Moving Average (MA), which is higher than the 200-day MA, indicating that the bulls’ impact may be felt in the near future. This bullish run is further supported by the golden cross between the 200-MA and 100-MA as indicated in the 4-hour price chart, hence implying that the bullish sentiment may be felt in the near term. The current levels of the the 100-MA and 200-MA are 0.3901 and 0.3875, respectively.
The True Strength Index (TSI) indicator is above the signal line on the 4-hour price chart, with readings of 3.3937; this should encourage investors to participate in the market, as the bullish momentum may continue to occur in the near term.
The Relative Strength Index (RSI) line is rising, suggesting that the current bullish trend may persist at least temporarily. Although bulls are attempting to push XRP prices toward the overbought region, the RSI is currently at “50,” indicating that buyers and sellers each have equal influence on the XRP price.
As the blue MACD line makes its way above the signal line and into positive territory with a reading of 0.0007, a bullish prominence is hypothesized to have formed. This hypothesis is backed up by the fact that the histogram trend is in the positive territory at 0.0011.
In conclusion, the bullish momentum is expected to continue in the near term, as demonstrated by the technical indicators. This could result in the price of Ripple (XRP) reaching new highs.
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