Is Sustained Upside Ahead or a Bearish Takeover Looming?

• The XRP price is currently trading at $2.90.
• Daily trading volume has surged by over 145%.

The trading day began with a brief spike in the market cap, which made all the major crypto assets chart green, modestly. Notably, the broader bearish trait is still alive. The largest tokens, like Bitcoin (BTC) and Ethereum (ETH), are hovering at around $111.2K and $4.2K. Particularly, Ripple’s XRP price has lit up the green candlestick. 

An extended bullish pressure would push the XRP price to its recent highs, breaking the $3 barrier. In the morning hours, the asset traded on the downside, marking its daily low of $2.82. The asset then broke the key resistance levels at $2.85 and $2.88 to confirm the brief entry of bulls, and the price has risen to a high of $2.91. 

As per the CMC data, at press time, XRP has spiked by over 2.63%, trading within the $2.90 mark, with its market cap reaching $173.54 billion. Besides, the daily trading volume of the asset has exploded by over 145%, resting at $4.98 billion. The Coinglass reports that a $7.12 million liquidation of XRP was experienced in the market in the last 24 hours. 

Can XRP’s Price See Further Gains From Here?

XRP’s Moving Average Convergence Divergence line is positioned above the signal line, which indicates positive momentum in the market. The higher the MACD, the stronger the bullish strength. In addition, the Chaikin Money Flow (CMF) indicator lies at 0.07, which suggests the strength is modest, with mild buying pressure. It shows the money is flowing into the asset. 

With the asset’s current bullish sentiment, the price might find its nearest resistance at around $2.96. Further upside correction would trigger the golden cross emergence, and the bulls could take the XRP price above the $3.02 range. If the uptrend fades, the altcoin could fall and test the $2.84 support. In a highly bearish scenario, the XRP death cross might form, driving the price toward a low of $2.78. 

Moreover, the daily Relative Strength Index (RSI) found at 62.34 signals a moderate bullish momentum. Also, the buyers are in control, and if the value rises, it may reach the overbought zone. XRP’s Bull Bear Power (BBP) reading of 0.0878 hints at the mild bullish dominance in the market. As the value is positive, modestly, the upward pressure is present, but not aggressively.

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