During this market turmoil, when most cryptos are observing an outflow, XRP is heading for the $0.6 mark, breaking all resistances for the short term. It is bullish because of its community sentiment. The long legal case between the Security and Exchange Commission (SEC) and Ripple Labs will be resolved soon, encouraging retail investors to buy XRP at a lower level for the long term. We can find a volume surge on the daily chart.
Besides that, the community sentiment is also bullish because Ripple published a press release about the payment provider. They are expanding the use cases for its On-Demand Liquidity product, which makes the community sentiment favorable for a decent bull run in the next few weeks. The company will work with I-Remit to improve the management and flow of the treasury cash.
I-Remit has been a partner for the last three years. They will use ODL to automate the treasury payment process. Ripple was the first cryptocurrency that targeted the issue of international payments. XRP works as a bridge between two fiat currencies to enable low-cost cross-border payments.
Overall, the market looks red for most other cryptocurrencies, but XRP is unique because it will start a bull run for at least the next three weeks because of its positive sentiment and news. As a retail investor, if you are investing in XRP, click here to read the detailed analysis of the coin’s performance.
At the time of writing this post, XRP was trading around $0.53, which has broken all the resistance at a lower level. In the last four months, it consolidated within a range of $0.3 and $0.4, but now it is in an uptrend. The next resistance can be around $0.6.
On the technical side, candlesticks are forming on the upper range of the Bollinger Bands with RSI above 70 (over brought) and MACD bullish. We think it is a good time for short-term investment.
Is the bullishness a sign of a long-term positive trend? After taking support around $0.388, XRP has spiked up to the level of $0.5 with a good volume on the daily chart, and the weekly chart suggests bullishness, but it is not an ideal time for long-term investment because $0.6 is a strong resistance of this coin.
You can invest for the long term when it crosses the crucial resistance level from the current price. Most technical indicators are bullish at this time, and the last weekly candle has broken the upper range of the Bollinger Bands, which reflects a sharp spike that hints at an upcoming breakout.