Bitcoin took the lead in this year’s market revival as it surged from its December bottom of $3,200 up to $13,000 in June. With no clear event behind the sudden price movement, the asset quickly lost its buying pressure and is now oscillating at around $8,000. As the entire market consolidates, both bears and bulls are uncertain whether we may see a positive or negative market trend.
Despite the fresh breeze that Bitcoin brought, the rest of the cryptocurrency market is not faring well. Altcoins experienced modest gains, with most of them returning to their pre-June prices. However, Ripple’s XRP is faring better with the current stage of consolidation as it is progressing better than other assets. Most notably, Ripple’s cryptocurrency has regained most of its losses made in the past four weeks.
According to a Crypto Twitter market analyst ‘ElectroneumBoy’, XRP’s weekly charts show a bullish indicator, as the chart’s candles have successfully closed on a positive note four times in a row. His chart shows that the asset’s BTC trading pair experienced gains for four consecutive weeks. If traditional technical analysis can be applied in crypto, the charts show that XRP is undergoing a positive price trend.
Taking a more detailed look at XRP’s charts, the weekly moving averages (MA) are also indicating an upward trend. The asset might soon reach its 20-week MA levels, which might result in a bullish cross. The event would ultimately confirm the upwards movement and point out towards a better future price-wise. Other indicators such as an increased trading volume support this as well.
Besides MAs, there are several other indicators that point to a bullish shift. Before the four consecutive positive weekly candles, the charts have also shown a bullish divergence in terms of both MACD and RSI levels. Having all the bullish signs in mind, it seems that XRP is likely to increase its value in the coming weeks.
However, the asset would face two resistance levels if its price were to surge, the first one being 4200 satoshis and the second one level being 5600 satoshis. Despite the recent price movement, XRP has a long way to go before it reaches these key areas. Nevertheless, as one of the most controversial projects in the crypto space, XRP is faring far better than other altcoins. The Ripple company has recently acquired a crypto firm based in Iceland. By doing so, the company now has a new engineering team to work on products such as the RippleNet.