In recent times, XRP has been riding a strong bullish wave, attracting attention from both investors and analysts. However, the burning question remains: How sustainable is this bullish trend for XRP in the long run?
XRP has been experiencing a sustained but cautious bullish trend, with higher lows being maintained after each bull flag, despite bearish attempts to reverse gains. The chart depicting XRP’s opening and closing prices over the days shows an overall downtrend with minor recoveries. The MACD line fluctuates around the zero line, indicating a market balance between bullish and bearish sentiments.
The presence of blue peaks above the price line indicates bullish momentum, but it is quickly countered by subsequent red troughs below the price line. Occasional spikes in the RSI suggest short-term increases in buying pressure, but they are not sustained, indicating that any bullish trends are fragile and not strongly supported by continuous buying pressure.
Multiple bull flags on the chart following upward movements signal ongoing bullish momentum. However, these flags are followed by horizontal or minor retracement movements, forming consolidation phases. The price has shown strength by maintaining levels above previous resistance-turned-support zones. Each bull flag forms at a higher level than the preceding one, indicating a subtle yet consistent bullish sentiment.
In the past five days, XRP has shown instances where an inverse head-and-shoulders pattern may have emerged. However, these instances appear congested and overlapping due to frequent markings, reflecting persistent efforts by bears to reverse the bullish trend. Recent chart movements within the marked areas suggest repeated tests of resistance levels. While XRP’s social volume has decreased since the beginning of the year, it is currently higher than it was a month ago.
Social dominance for XRP is on an upward trajectory, though not reaching the peak levels seen in December and January. the bears in the XRP market are actively resisting the bulls, emphasizing the need for a significant increase in buying pressure to sustain the current momentum.
