Ripple is the top performing cryptocurrency – at the time of writing. XRP coin has climbed up by 10% in the daily timeframe while the weekly gains are at 30%. The cryptocurrency had been moving downwards since May but the recent upward move may indicate towards a trend reversal. At the time of press, Ripple coin stands at a price level of $0.72. The daily trading volume has surged upwards by 80%. XRP is the sixth largest cryptocurrency in the market.
The market sentiment for Ripple coin is bullish. Thirteen of the total twenty-six technical indicators are giving out an indication of buy. Nine of the rest of the indicators are standing at a neutral position with only four at a bearish position of sell. Both the oscillators and moving averages are strongly bullish.
Ripple coin dropped below a strong support level at $0.63 amidst the bearishness in the market. However, the recent shift in the trend has resulted in the cryptocurrency moving back up. XRP coin has regained support at the level and has been pushed further high. The technical for XRP are strong. This suggests a continuation of the uptrend in the upcoming days. Per a trader’s analysis, the uptrend is to strengthen further but will not last for long. XRP faces a major resistance at the price level of $0.80. It is expected to reach towards $0.80 but face a rejection at the resistance level. In that scenario, the initial supporting level of $0.63 may once again help stabilize the cryptocurrency.
Why is Ripple coin bullish?
Ripple’s aim is to become the accepted mode of payment. It’s cross-border payment service by the name of xRapid is designed to help it do just that. The firm announced that it will be entering the $1.8 billion Filipino remittance space. Ripple coin has partnered up with various Filipino and Japanese firms to enable the transfer of remittances from Japan to the Philippines through its On-Demand Liquidity service. This major development may account for the recent bullish momentum. The Ripple Labs vs. SEC lawsuit has taken a backseat in its role in the price of XRP.