Ripple (XRP) Back to Trading Bullish: Can it Cross $2?
Looks like Ripple has recovered from its bearish mood, with prices climbing back up in early trading on Wednesday towards the key $2 level.
Looks like Ripple has recovered from its bearish mood, with prices climbing back up in early trading on Wednesday towards the key $2 level. At the time of writing, XRP/USD is trading at around $1.41.
Ripple (XRP) has strengthened by around 10% over the past day, posting a strong rebound from the 1.12 level where it had previously found some support. However, buyers have been unable to break past the key $1.50 level so far, which would require more buying pressure to build.
In order to do this and for the uptrend to strengthen further, XRP’s prices must remain above the $1.4 level. A strong support needs to build up at this level to raise traders’ confidence in the cryptocurrency and sustain its current bullish momentum in the near term.
Technical indicators, especially the MACD, are also supporting the bullish trend in XRP/USD for now. Meanwhile, on the fundamentals’ side, Ripple enjoys support from CoinShares’ data indicating total weekly inflows into XRP touching $33 million, helping the digital token increase its total asset under management (AUM) to $83 million.
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