Bitcoin buyers and cryptocurrency experts are paying a lot of attention to Ripple’s XRP right now. The number of trades has grown by a remarkable 92% in just 24 hours. With $4.8 billion in trades, this rise has made people think that the price of the digital asset might go up.
Since April 4, the price of XRP has gone up by 9.2%. This is about the same time that the number has gone up. But this move up is happening against a major trend that has been clear since March 11th: a trend down. For XRP, this falling trend is shown by lower lows and lower highs. This means that the price is going down.
XRP Surge Sparks Caution Amid Positive Indicators
The most recent price rise makes it look like prices may be going up, but technical indicators show that the XRP market is not that easy. People are more likely to buy now that the Chaikin Money Flow (CMF) has gone up. The Relative Strength Index (RSI) shows that there is a modest amount of momentum that points to more price increases.
They say that $0.6646 is an important mark for XRP to break above. It could mean a change in direction and a push toward $0.7440 if it does. But there are also problems here. The growth of the network is slowing down, which means that new sites are losing interest.
Still, there are signs that XRP will do well in the future. The market is more busy when the trade velocity is high, but most people who own Ripple are not making money right now when the MVRV ratio is low. It may seem bad, but this actually makes people less likely to sell the ticket because they have a reason to wait for the price to go up before they do so.
For XRP to figure out if a long-term price rise is coming, it will be very important to see how well it can bring in new addresses and keep up the trade momentum. The future of Ripple is still looked forward to with some caution by investors and experts. A lot of attention is being paid to changes in the market and technical signs to find out more about its path.
