bullish

when

<ul>
 <li>At the time of writing, XRP is trading at $0.6003, up 1.13% in the last 24 hours.</li>
 <li>If the price manages to jump above $0.61 level, then it will likely test $0.63 level.</li>
</ul>
There was no substantial price movement in the cryptocurrency market during the last 24 hours, and XRP was no different. Nonetheless, a long-term bullish pattern emerged on XRP’s weekly price chart, suggesting that this may be the prelude of a huge bull run.&nbsp; Regardless of the price volatility, the formation signals the likely beginning of bullish momentum.
The weekly price movement of <a href="https://thenewscrypto.com/ripples-xrp-powered-payment-platform-expands-to-over-80-markets/" target="_blank" rel="noopener noreferrer nofollow">XRP</a> led to the establishment of a long-term downward channel. During XRP-specific market stagnation in July of last year, this structure occurred. Ever since then, the structure has remained intact.
<h3 class="wp-block-heading" id="h-bull-run-anticipated">Bull Run Anticipated</h3>
Trading volume for XRP fell along with the price, according to <a href="https://thenewscrypto.com/santiment-highlights-bullish-potential-for-cardano-ada-and-xrp-amid-heavy-shorting-activity/" target="_blank" rel="noopener noreferrer nofollow">Santiment</a> statistics. Current investors are hesitant to sell their XRP at cheap prices, according to this favorable perspective.
The market has just undergone a dramatic change, with XRP seeing a dearth of bearish action and a flood of bullish liquidations. According to the most recent statistics from CoinGlass, $2.04 million of long holdings were liquidated in the last 24 hours, while $264,310 of short holdings were liquidated.
This is occurring when XRP is experiencing what is often referred to as a “crab market,” in which the price of the cryptocurrency remains flat due to the lack of a discernible trend. Basically, the price is in the consolidation phase.
At the time of writing, XRP is trading at $0.6003, up 1.13% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 0.57%. If the price manages to jump above $0.61 level, then it will likely test $0.63 short-term resistance level. Conversely, if the price falls below $0.59 level, then it will likely decline further to test $0.54 support level.

XRP Eyes Bull Run Amid Flat Market and Ongoing Consolidation

Obsah

TheNewsCrypto

Ďalšie články zverejnené 29. 7. 2024

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