XRP Leaps 7%: Is This Upturn Strong Enough to Fuel More Momentum?

• After a 7% jump, XRP is now hovering around $2.25.
• Its 24-hour trading volume has surged by over 49%.

With the sustained bearish pressure, the entire crypto market cap has settled at $3.02 trillion. The broader market sentiment is lingering in extreme fear, which sparked losses in assets. The assets like BTC and ETH are trying to escape the bear trap. Meanwhile, Ripple’s XRP has defied the trend, posting a jump of over 7.17%. 

Despite the bearish command, the asset showcased the bullish shift, seeking to climb to recent highs. More gains would play a pivotal role in the upside price trajectory. In the early hours, XRP traded at a low of $2.04, and after the bulls took control, the price rose to a high of $2.28. 

At the time of writing, XRP traded at around the $2.23 zone, with its market cap at $135.58 billion. In addition, the daily trading volume has surged by over 49.53%, reaching $6.19 billion. The Coinglass data has reported that the XRP market has experienced an  $11.87 million liquidation in the last 24 hours. 

Is XRP Gearing Up for More Upside?

XRP’s potential correction on the upside might push the price up toward the $2.30 resistance range. An extended gain could trigger the emergence of the golden cross, and the bulls would drive the asset to climb to its recent high at $2.37. In contrast, assuming the XRP price reverses the ongoing momentum, it could likely fall to the support level at $2.16. Further breakdown might set the stage for the formation of a death cross and send the price to a low of $2.09 or even lower. 

XRP chart (Source: TradingView)

The Moving Average Convergence Divergence (MACD) line of XRP moves above the signal line, which indicates that the bullish momentum is building. Notably, the asset’s short-term price strength is increasing, and it is considered a potential early sign of an upward move. Besides, the Chaikin Money Flow (CMF) indicator of the asset found at 0.16 suggests strong buying pressure. Also, the money is flowing into the asset, hinting at a healthy accumulation and bullish sentiment. 

Moreover, the Bull Bear Power (BBP) reading of 0.2210 implies that the bulls currently have the upper hand. It pushes the asset’s price above. The higher the positive value, the stronger the bullish momentum. XRP’s daily Relative Strength Index (RSI) is at 70.80, signalling the overbought condition. Significantly, this is an area where a potential pullback or correction could occur.

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