thenewscrypto.com
- XRP price incurred a modest drop of 0.52% in the last 24 hours after rallying to new levels.
- The altcoin’s daily trading volume dipped by 8.69% as per CMC data.
As the India Blockchain Week ensues full-fledged, worldwide community members gather at Bengaluru. Discussions of web3, the crypto market, and new knowledge get expounded amid an extending bullish market. This bull run stands out due to the AltSeason gaining speed. In the last 24 hours, cryptocurrencies such as Tron and BNB have soared to new trading levels.
Meanwhile, the past few days’ top performer XRP recorded modest price dips in the past day. The altcoin currently shows a 0.52% price increase, however, it remained bearish a few hours ago. Its daily chart depicts Ripple’s native token falling to support of $2.3 from a high of $2.8. At the time of writing, XRP was trading at $2.65 as per CMC data.
This has drawn market attention after the token’s recent rally hitting a 6-year high. Moreover, when XRP first initiated this bullish cycle, it was believed to have been fueled by rumors of the replacement of SEC chair Gary Gensler. With spiking discussions, the cryptocurrency rallied from a low of $1.9 to current levels in the span of last week.
However, the recent dip has raised concerns about whether the upward momentum was short-lived. Community members are battling with questions of whether the bull run will return in the coming days. XRP also flipped Solana and BNB during this rally, becoming the third-largest asset in the market.
What Awaits XRP Price Action in the Coming Days?
On inferring XRP’s price movements, it traces an Ascending Channel pattern. This pattern usually indicates an existing bullish trend. Otherwise known as the rising channel pattern it also suggests further upward movements.
Additionally, the cryptocurrency’s RSI stands at 84.63 indicating a positive market sentiment apart from an overbought situation. Moreover, XRP’s bull power indicator value lies at 1.29 as per TradingView data. While its bear power indicator value stands at -0.70 indicating the bull run.
These data show an innuendo of a bull run sustenance. Thus the token shows potential for a bull run resuming and bouncing back from its current brief dip.