Ripple (XRP) has eventually printed a bullish performance following struggles to secure directional footing within the past week. Nevertheless, upside tendencies within the past three days saw XRP outshining some of its peers in the marketplace.
Should we consider it a bullish momentum enough to push the alt toward its next resistance and support range? Assessing XRP shows the altcoin has remained stuck inside a FIB resistance and support range.
If we evaluate its September rally, it saw massive resistance beyond $0.53. Each test of this mark welcomed a decline when it secured enormous support at around $0.43. The price has hovered inside a range for over four weeks.
The recent retest of the range’s lower level emerged on October 20, after which it ascended gradually. Surprisingly, the 23.6% FIB retracement level underpinned the bottom territory. Meanwhile, XRP should record an 11% upside before hitting the 38.2% FIB level.
The recent rebound happened on the 200-day MA before a golden cross emerged. That shows the 50-day moving average crossed beyond the 200-MA, revealing a bullish signal.
Another crucial observation concerning the price in the RSI has moved inside ascending support. The Relative Strength Index shows a bullish preference.
Though the relative strength and the golden cross show more upside potential, some on-chain indexes reveal a different outlook. For example, the development activity and weighted sentiments stayed inside their respective lower ranges.
The low weighted sentiment and development activity could explain why the remittance token has recorded limited upsides. However, Ripple has made moves that could boost investor sentiment while maintaining impressive development activity.
Recently, Ripple announced a $230 million creator fund. The fund is among the blockchain’s plans to promote more activity from XRP fans.
Also, the announcement emphasized Ripple’s heightened focus on the non-fungible token market. Most leading blockchains have also amplified their steps into the NFT space.
XRP fans confused about whether it could be time to purchase might discover substantial friction for XRP bulls. The asset’s supply distribution shows most leading whales have bought during the recent bullish relief.
Nevertheless, address with over 10 million $XRP have reduced their balances significantly within the past few months. The same narrative prevailed within the past few weeks.