Several analysts noted an increase in momentum for the cryptocurrency XRP, which could lead to a resumption of bullish movement in the future.
ChartNerd analyst pointed out technical structures on the daily chart of XRP/USD that indicate a potential resumption of the cryptocurrency's price increase. Two indicators – the daily 20-day EMA and the lower trendline – could determine the further movement of XRP.
Currently, XRP is trading below the daily 20-day EMA, which serves as dynamic resistance. The cryptocurrency is in the midst of a developing bullish divergence, and a breakout above the 20-day EMA will confirm an upward breakout and trigger the next phase of XRP's rally. However, if the price falls below the lower trend line, it will only strengthen bullish sentiment.
Analyst Ali Martinez, studying the intraday dynamics of XRP, identified a symmetrical triangle formed by the cryptocurrency. Considering other bullish signals, including bullish divergence, a breakout above the upper trend line of the triangle will open the path for a 16% increase in XRP in the short term.
The third analyst supported the widespread optimistic forecasts. Among other signals, he highlighted the upcoming launch of XRP trading on Bitnomial this Monday.
Overall, analysts believe that the prolonged bearish pressure on XRP is weakening and the cryptocurrency is ready for a rebound, which is primarily supported by the rise of Bitcoin above $XRP
