06.12.2021

XRP Gains Bullish Momentum But The Bears Aren’t Ready to Backout Yet

Many factors have contributed to the fall in the price of the XRP token. However, the analyst said that the most significant variable is the general downtrend in global assets in traditional markets.

The Feds released a significant amount of money into the market. This has a negative effect on the market long-term but it has strengthened the dollar near-term. The USD index increased by 2% in September.

In the new month, analysts have predicted that many other factors will allow the USD to gain higher with the XRP token moving lower. If the bulls succeed in overtaking the bears, the price of the XRP token will move to the $0.3254 level. The token hasn’t traded this high since August. On the other hand, a fall in price will see the XRP token fall back to the $0.2195 level. The token is currently supported by the 25 day EMA but it is in a descending trendline.

It’s also important that you watch and see the price action of Bitcoin BTC. This might help you determine what direction the token will take. At this time, the price of Bitcoin BTC was $10,885.40. It is up by 1.22% against the USD with a trading volume of $47,046,425,012 and a market capitalization of $201,433,467,582.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

  • Ripple XRP Has Gained Bullish Momentum to Rise Above the $0.2400 Level
  • The Rise Above the $0.2400 Level Was Faced With Resistance Showing That the Bears Aren’t Leaving the Market Soon 

The XRP token has been on a sideways trend over the last few days. The token has been alternating from surges above the $0.2400 level to drops back to the $0.2300 level. The struggle between the bulls and the bears has been significant over the last few days but the bears aren’t ready to leave the market yet. Yesterday, the XRP token fell to the $0.2300 level but the brief price rally of major assets this morning allowed the XRP token to move back to the $0.2400 level.

At the time of writing, the price of the XRP token was $0.242981. It is up by 0.96% against the USD but down by 0.29% against Bitcoin BTC. The trading volume over a 24 hour period was $1,514,560,615 and the market capitalization was $10,967,227,809. According to the XRP price prediction on InvestingCube.com, the XRP token will find relative stability above $0.24. The current price action of the XRP token is surprising since it started the year trading bullish against the USD. September and July were the worst months for the token. As the beginning of the last quarter was marked today, members of the XRP army are positive that things will get better.

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *