- XRP price is up by over 13% in the last 24 hours.
- The market recorded $11.35 million in XRP liquidations.
The post-election rally propels the overall crypto market cap to settle at $2.99 trillion, with Bitcoin (BTC) at a record high of $89.9K. Major assets have recovered and XRP appeared in the green zone with a 13.42% gain over the past 24 hours.
The asset chose a bullish pace for the day and visited the peak price of $0.6959. At the time of writing, the asset trades at $0.6612 with its trading volume positioned at $6.47 billion. In the meantime, an $11.35 million liquidation of XRP was observed in the market, as per data.
Notably, XRP’s bullish sentiment over the past month recorded a gain of over 21% and the momentum continued over the past week with a 27%. The asset began trading at $0.5107 and ascended to the current price levels.
On the other side, a legal expert explained that the court ruled that Ripple’s XRP sales didn’t qualify as securities due to the lack of promotion to retail investors, but the SEC is appealing. Ripple is doubtful to change its stance on promotion, during the ongoing legal battles. Meanwhile, Bitcoin has no constraints as its holders can promote it without the SEC interference.
XRP Bulls Eyeing a Potential Rally
The four-hour technical chart of XRP exhibits the Moving Average Convergence Divergence (MACD) line laid over the signal line, signifying the upside momentum and an imminent bull run.
Moreover, the Chaikin Money Flow (CMF) indicator, situated at 0.21, suggests an increased money flow and buying pressure, reflecting a favorable environment for buyers. Meanwhile, the trading volume has notably increased by 49.10%.
The daily frame of XRP denotes the short-term 9-day MA above the long-term 21-day MA. Besides, the asset is situated in the overbought zone in the market, as the daily relative strength index (RSI) is settled at 75.51.
If the XRP bulls intensify their efforts at the current trading pace, the price might break and climb above the $0.6990 mark. If this upside momentum persists, the asset will likely retest the subsequent resistance and might push the price higher.
However, if XRP is heading into a bearish trajectory, the price might bottom to its recent low at $0.6307. Further loss in XRP may trigger the price to slide even lower.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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Source: https://thenewscrypto.com/is-xrp-gearing-up-for-the-1-rally-in-this-bull-cycle/