Key Indicator Turns Bullish for Ripples XRP as the Weekend Kicks Off
Ripples XRP started the week strong, as market indicators display patterns that favor XRP bulls. On Monday, a notable market indicator flipped bullish for the fourth-largest cryptocurrency by market cap.
Despite the ongoing market turmoil, as shown on the 24-hour chart on Monday, XRP successfully moved to the middle line of the Bollinger Bands and gradually moved upwards.
The Bollinger Bands are an indicator that highlights the volatility of the leading asset, Bitcoin, displaying breakout moves and helping traders plan market entries and exits.
The recent movement, while mild, signals a major turnaround for the bulls, pointing to what could potentially give the bulls the upper hand and aid in the highly anticipated bullish reversal.
Bitcoin slowly steps out of troubled waters
Cryptoquant has noted that Bitcoins apparent demand over the past 30 days has begun to shift from an intense negative ferocity, which points to a major change in market behavior.
However, an analyst from the on-chain analytics firm maintains that the new development need not be interpreted as the beginning of a new bullish phase.
The analyst points to the 2021 cycle top, which displayed a similar pattern: demand remained volatile for months, prices stabilized temporarily, and structural recovery began only after an extended consolidation period was recorded.
while this current bounce is noteworthy, its more likely a pause in pressure, not a definitive signal of accumulation or a macro bottom.
Momentum might be shifting, but time and confirmation are still needed. The analyst noted.
The week remains crucial for Bitcoin, which is less than $5,000 away from retesting previous support, turned resistance, at $90,000. At the time of this report, Bitcoin, the top gainer among the top three categories, is up 1.79% over the last 24 hours. The asset trades at $85,955 per coin.
Read more: https://zycrypto.com/key-indicator-turns-bullish-for-ripples-xrp-as-the-weekend-kicks-off/
Text source: ZyCrypto
