XRP price, like many of its peers, has sustained the bullish outlook for the third week in a row. On top of this impressive performance that has seen it surge 16% in 30 days, the cross-border money remittance token kept the uptrend sustained, increasing by 7.7% in 24 hours to trade at $0.61 on Tuesday.
Traders have been eager to spot scalping opportunities presented by select altcoins like XRP, Solana (SOL), Cardano (ADA), and Toncoin (TON) among others.
The surge in buy and sell activities contributed immensely to the trading volume, which hit $2.3 billion on Tuesday based on market data from CoinGecko.
If bulls uphold the bullish outlook, there is a glaring possibility of XRP toppling Binance Coin (BNB) to become the fourth-largest crypto in the market. BNB currently has a market value of $35 billion compared to $32 billion from the highly bullish international money remittance token.
XRP is back to trading above $0.6 for the first time since mid-August. The uptrend, although appearing subtle, has been backed strongly by the Moving Moving Convergence Divergence (MACD) indicator.
In addition to the buy signal presented with the blue MACD line flipping above the red signal line, the momentum indicator holds above the mean line while ascending into the positive region. As long as this bullish outlook sustains, the path with the least resistance is bound to remain to the upside.
However, bulls must prepare to deal with an acute resistance highlighted by the 38.2% Fibonacci retracement at $0.62 and the subsequent hurdle at $0.65.
For the first time since April, XRP price has formed a bullish cross on the daily chart. This chart pattern occurred with the 50-day Exponential Moving Average (EMA) flipping above the long-term 200-day EMA.
Traders often depend on the Golden Cross to ascertain the validity of the uptrend. However, the pattern must be accompanied by a relevant increase in demand for the token to be effective.
The Relative Strength Index (RSI) confirms the bullish narrative and the strong market structure with its strength above 75. However, traders should be alert and not rule out potential pullbacks, likely to take place amidst profit-booking among other investors.
A sudden return of the RSI into the neutral areas would serve as confirmation for a retracement. Meanwhile, support is expected at $0.56 — an area likely to function as an accumulation level, allowing more investors and traders to buy lower-price XRP tokens for gains above $1.
Increased liquidity means high volatility — two key parts for price rallies in the crypto market. Pullbacks and consolidation moments are necessary in bull markets, as they help build the momentum for larger breakouts in XRP’s case, significant enough to close the gap to $2.
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