XRP is fueled upward by bullish sentiment is another 5% move upward likely?
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- The price of XRP traded within a range and was on the verge of reaching the highs when the press time came around.
- A strong bullish trend was evident in the indicators.
Over the past four days, Bitcoin [BTC] has flipped the €24.2k area from resistance to support. On 17 February, the plunge to €23.5k was reversed. Bitcoin’s higher timeframe market structure was bullish. As a result, the altcoin market gained confidence. In the past week, Ripple [XRP] has also been bullish.
A breach of €0.4 is likely in the near future
Because of the three-month long range, the range highs will most likely provide stiff resistance to the bulls. A breakout from a longer range is more powerful, but it requires a stronger bullish sentiment to force it. As things currently stand, that push may not have occurred.
As a result, buyers of XRP at €0.4 or €0.37 can expect to profit in the €0.42-€0.45 range. On the four-hour chart, a bearish order block was highlighted in red at €0.415. Early in February, this order block was formed. With a reading of 56, the H4 RSI indicated that bullish momentum was in play. It dropped below the neutral 50 mark a couple of times but quickly recovered. This indicated that an upward trend was likely.
The rising Open Interest reinforced the bullish sentiment
The futures market also demonstrated bullish momentum. XRP had risen from €0.38 to €0.408 at the time. The rising trend on the OI indicated that capital was flowing into the market, highlighting bullish strength. This strength has not yet waned at the time of writing. The predicted funding rate was also positive, indicating that further gains were expected.
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