news 
XRP’s $2.4 Test: Bulls Show Strength Amid Mixed Signals
The cryptocurrency market has been plagued by uncertainty and volatility over the past few days, with many assets experiencing significant losses. Ripple (XRP), however, seems to be bucking this trend, as its recent price action suggests that bulls are showing strength amid mixed signals.
One of the primary reasons for XRP’s resilience lies in the fact that it has been witnessing accumulation within a range over the past month. This short-term speculative sentiment may have been bearish, but a move to $2.4 is anticipated in the near-term. In fact, Ripple [XRP] has been exhibiting a long-term bullish outlook since its rally to $2.9 was followed by a range formation that witnessed steady accumulation from the bulls.
The chart analysis suggests that XRP has been trading within a range that extended from $2 to $2.62. The mid-range level at $2.31 has served as both support and resistance over the past month, currently acting as resistance. Furthermore, a fair value gap from late November was the next demand zone that XRP could see a bullish reaction from.
While many may view this data as an anomaly, it is essential to note that the On Balance Volume (OBV) has slowly climbed higher over the past month. This development suggests that selling pressure was weak and indicates that institutional investors might be accumulating the asset. Additionally, the RSI on the daily chart remains above the neutral 50 level, signaling a prevalent bullish momentum.
The article also highlights the importance of considering long-term data as opposed to short-term fluctuations. It is crucial for swing traders to not get caught up in emotional decisions based solely on the market’s recent performance and instead focus on the bigger picture.
Source: ambcrypto.com
