XRP, the sixth-largest cryptocurrency, is on the verge of a bullish swing in momentum, as evidenced by recent observations in its price chart.
Notably, XRP has been trading below the $0.6 price level since January 3 after the sudden plunge in the crypto market led by Bitcoin (BTC).
Following the major drop, XRP has since struggled to convert the $0.6 resistance to a support level despite revisiting the level at some points.
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According to XRP’s data on CoinGecko, the digital asset is priced at $0.58, reflecting a 1.9% decline in the past 24 hours. In the last 14 days, XRP had registered a 9.1% decline, which explains how much the digital asset has fallen compared to how it started in 2024.
Green Candles On XRP’s Charts – Expectations?
Amidst the series of declines recorded in XRP over the past two weeks, recent observations have picked the appearance of several green candles on the XRP chart.
The green candles’ appearances signify a possible shift in momentum that could orchestrate an XRP price rally anytime in the future.
For context, the series of green candles indicates successive days of optimistic price actions, implying an increasing bullish sentiment among investors.
The 200-day and 100-day Exponential Moving Averages (EMA’s) are vital tools used to study digital assets’ price movements.
The 200-day EMA can confirm an already established uptrend; breaking through it implies that a bullish run is in sight, which explains XRP’s current standings.
On the other hand, the 100-day EMA is used to confirm trend reversal. Breaking through the 200-day EMA and the 100-day EMA signifies a tremendous bull run potential.
Currently, XRP has only broken above the 200-day EMA. It has, however, shown signs of a potential 100-day EMA breakthrough. It is left to see how it happens. For now, we keep anticipating.
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Chances of XRP Rally Resumption
Critical market observers have also pointed out XRP’s potential to return to trading in its previous descending triangle channel.
Notably, the pattern above describes a continuation signal, which invariably means that XRP might restart the previous trend that was in place before the changes that took place.
Should XRP return to trading in its former descending triangle pattern coupled with a potential 200-day and a 100-day breakthrough, chances are high that the token could swing into a rally soon.
In summary, all you see in this insight are extracts from what most market watchers observe on the XRP’s price charts. Readers should carry out personal research before deciding on digital assets investment choices.
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