XRP fueled upward by bullish sentiment – is another 5% move upward likely?

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Bitcoin [BTC] has flipped the $24.2k area to support over the past four days. The plunge to $23.5k on 17 February was reversed. The higher timeframe market structure was bullish for Bitcoin. This inspired confidence in the altcoin market. Ripple [XRP] has been bullish in the past week as well.

How much are 1, 10, 100 XRP worth today?

XRP has traded within a range from $0.33 to $0.415 since November. The lower timeframe market structure of XRP favored the buyers. There were signs of further gains for the asset in the coming days.

Source: XRP/USDT on TradingView

The three-month long range meant the range highs will likely pose stern resistance to the bulls. A breakout from a longer range is more powerful, but stronger bullish sentiment is required to force that breakout. As things stand, that push might not have arrived.

Therefore, buyers of XRP from $0.4 or $0.37 can look to take a profit in the $0.42-$0.45 region. In particular, a bearish order block on the four-hour chart stood at $0.415, highlighted in red. This order block was formed in early February.

The H4 RSI showed bullish momentum in play with a reading of 56. It dipped a couple of times beneath the neutral 50 mark but was quick to recover. This suggested that a move upward was likely. The A/D line has also been in an uptrend over the past two weeks, when XRP rallied from $0.366.

Together, the indicators showed bullish momentum and steady demand behind the rally. Another 5% move upward from $0.399 will take XRP to $0.42.

Is your portfolio green? Check out the XRP Profit Calculator

Source: Coinalyze

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