XRP Price Prediction as Market Bounce Sends XRP Up 8% – Is a New Bull Rally Starting?

cryptonews.com:

The XRP price has jumped to $0.513014 today, marking a 1% rise in the past 24 hours and an 8% gain in the past week.

XRP has benefitted from a market-wide bounce that has helped it compensate for losses since the end of August, with the altcoin remaining down by 1.5% in the last 30 days.

But with XRP remaining up by 50% since the beginning of the year, and with the coin's fundamentals remaning strong, it could continue its gains over the coming days.

Based on a review of its technicals, it really does like as though XRP is ready to begin a new rally, with indicators becoming more positive following a period of overselling.

XRP's relative strength index (purple) has climbed to 50 after weeks near 30, while its 30-day moving average (yellow) looks like it could rise above its 200-day average (blue) very soon.

Together, these two indicators suggest a positive turnaround, with more buying momentum helping to push XRP upwards and begin a new, more bullish phase.

Also suggesting such a scenario is the coin's support level (green), which is now rising healthily and suggesting that its price could end up testing the current resistance level (red) very soon.

That said, data suggests that we may still have to wait a little while longer for a full-blown rally, with whale data indicating that some larger investors may still be preparing to offload XRP.

Either way, there's no fundamental reason why XRP has begun rallying today, over than the fact that the market has been overly subdued for a few weeks now and was due a positive correction.

In fact, XRP has even had some bad news this week, with the New York Department of Financial Services removing the altcoin from its greenlist, meaning that exchanges registered with the department cannot