The post Ripple’s XRP Gains Momentum: Is It Poised to Challenge Bitcoin’s Reign? appeared first on Coinpedia Fintech News
As we enter the second half of 2023, Bitcoin (BTC) continues to dominate the crypto market, capturing the majority of investor attention. However, altcoins like XRP should not be overlooked. Market behavior analytics platform Santiment suggests that these lesser-focused assets have the potential for significant growth.
Read on to discover more.
XRP is Gaining Momentum!
Amid the Bitcoin-centric market, XRP has been steadily making its presence felt. The token, primarily associated with remittances, has successfully surged past the $0.48 benchmark of the 50-day Exponential Moving Average (EMA).
If buying pressure continues to escalate, the XRP price could witness a 0.61% incline, breaking through the barrier and reaching above the $0.50 mark. With sustained bullish momentum, there is a potential for a 10% increase from the current level, taking the token to the $0.55 benchmark.
This optimistic forecast is supported by a rising Relative Strength Index (RSI) and green-tinted Awesome Oscillator (AO) histograms. These indicators suggest an increase in buying activity among XRP enthusiasts.
A Closer Look at the XRP Market
However, there is another side to this narrative.
Day traders focused on short-term gains may disrupt this rally by offloading their XRP holdings at the current market value. The resulting selling pressure could force XRP’s price back below the 100-day EMA at $0.45 or even lower than the 200-day EMA, set at $0.43.
A detailed examination of Ripple’s daily chart reveals significant price volatility around the key resistance level of $0.55. This volatility has led to the formation of a bearish double-top reversal pattern, indicating a potential drop below the critical support level of the 100-day moving average.
Key Levels to Focus On
If the current pullback succeeds, we may expect another decline towards the next key support region, which includes the significant support of the 200-day moving average at $0.43 and the static support zone at $0.42.
At the time of writing this article, XRP is trading at $0.488.