Key Points:
- XRP is showing minor optimistic indicators in the near future, with an increase in on-chain activity and moderate trader capitulation.
- Its current price is at $0.479, with resistance at $0.51-0.52 and a target of $0.55 if the Fib 50% level can be broken.
The crypto market in the first days of the week is relatively stable as Bitcoin is trading at around $30,000. However, XRP is still a big bet for investors as the bullish signal has appeared.
The XRP token has seen a huge increase in on-chain activity, and it will be the largest of the crypto assets ranging to begin the week. While this statistic falls short of the highs seen in May and March, it is close to the figures seen at the start of the year.
XRP, on the other hand, is the only major cryptocurrency that is showing minor optimistic indicators in the near future. XRP has shown amazing endurance in the face of price consolidation and regulatory challenges. The Ripple-related digital asset has been able to weather the storm and maintain its market position.
This is due to moderate trader capitulation since tokens moving at a higher loss-to-profit ratio have a better probability of a price spike. According to Santiment, data show that XRP is reporting more transactions at a loss than profit this week when compared to the other cryptos.
At the moment, the token is trading at $0.479, the price broke the uptrend line around 2.1% but quickly recovered. If the price continues to move up, the nearest $0.51-0.52 resistance area is the psychological level it is close to breaking. The current price is also the Fib 23.6% level, a note when trading for short-term investors is that it is more profitable to buy than to sell.
The price area is at the Fib 50% level, if it can be broken in the next few days, $0.55 is the target we need to aim for.
Nonetheless, it is critical to use care and avoid depending primarily on this data. The crypto market is very volatile, and on-chain trends are more revealing than definite forecasts. Although the association between the number of active XRP addresses and price changes is noteworthy, other aspects must be considered. Bitcoin is still holding on to the $30,000 price level, but if its $28,700 price zone is retested, adverse possibilities will occur for XRP.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
Coincu News
Source: https://coincu.com/198133-xrp-is-flashing-a-bullish-signal/