- Ripple price breaks above its daily resistance level at $0.499 on Monday.
- On-chain data suggests XRP development activity is rising.
- A daily candlestick close below $0.450 would invalidate the bullish thesis.
Ripple (XRP) price broke above its daily resistance level of $0.499 on Monday.
On-chain data indicates that XRP’s development activity is rising, signaling that the bulls are preparing for their next move.
Ripple price looks promising
Ripple price rose 3.2% on Monday and closed above $0.499, its previous resistance level.
Currently, XRP faces a resistance at $0.515, its 50-day Exponential Moving Average (EMA).
If Ripple price finds support around $0.499 and breaks above the 50-day EMA at $0.515, it could rise 7% from $0.499 to $0.532, its previous high from June 5.
The Relative Strength Index (RSI) is below the 50 mean level, while the Awesome Oscillator (AO) is below its zero line. If bulls are indeed making a comeback, then both momentum indicators need to maintain their positions above their respective mean levels of 50 and 0. Such a development would add a tailwind to the recovery rally.
If the bulls are aggressive and the overall crypto-market outlook is positive, the XRP could extend an additional 9% rally to $0.581, a 50% price retracement level of $0.419 and $0.744 from March 11 to April 13.
XRP/USDT 1-day chart
Santiment’s Development Activity metric tracks the frequency of project development events recorded in the public GitHub repository over time.
A rise in this metric usually suggests continuous endeavors to uphold, innovate, and improve the protocol, which is generally seen as favorable by investors and stakeholders.
Conversely, a decline in this metric might raise apprehensions about the project's endurance, capacity for innovation, and engagement with the community in the foreseeable future.
As in XRP’s case, the index rose from 10.29 on June 13 to 10.91 on June 17. The 6% rise in XRP’s Development Activity adds further credence to the bullish outlook.
%20[07.42.41,%2018%20Jun,%202024]-638542774432359990.png)
XRP Development Activity chart
Even though on-chain metrics and technical analysis point to a bullish outlook, if Ripple price produces a daily candlestick close below $0.450, the daily low from June 7, the move would invalidate the bullish thesis by making a lower low on the daily time frame. This development could see XRP's price decline 7% to the April 13 low of $0.419.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.