Analysts Track XRP Bear Pressure Fading As Rebound Signals Build Across Multiple Timeframes

Source: CoinEdition Original Title: Analysts Track XRP Bear Pressure Fading As Rebound Signals Build Across Multiple Timeframes Original Link: Several crypto analysts are predicting a bullish future for XRP, citing different signals across multiple timeframes.

Following recent posts on social media, the analysts have identified a momentum build-up by the cryptocurrency, which could lead to the return of bullish movements in the future.

XRP’s Unfolding Bullish Divergence

One analyst who adopted a medium-term approach has cited technical structures on the XRPUSD daily chart that suggest the potential return of a price surge for the cryptocurrency. According to the analyst, two indicators—the daily 20 EMA and a lower low trendline—could combine to determine XRP’s next move.

As of the time of writing, data revealed that XRP traded slightly below the daily 20 EMA, which represents a dynamic resistance for the price. Meanwhile, the cryptocurrency is in the middle of an unfolding bullish divergence. According to the analyst, breaking above the 20 EMA will confirm a breakout to the upside and trigger the next phase of an XRP rally. However, he noted that even though the price could drop lower to the lower low trendline, that would only increase the bullish sentiment by reflecting a stronger bullish divergence.

XRP’s Intraday Moves: The Symmetrical Triangle Setup

In a separate analysis, another analyst focusing on XRP’s intraday movement has identified a symmetrical triangle formation by the cryptocurrency. Considering other bullish signals, particularly the previously mentioned divergence, the analyst noted that breaking above the upper trendline of the triangle would open the way for a 16% XRP rally in the short term. It is worth noting that XRP’s price movement in the early hours of Monday aligns with the analyst’s projection, as the cryptocurrency has surged 5% amid growing short-term bullish sentiments.

XRP’s Derivatives Catalyst: CFTC-Regulated Futures Launch

In the meantime, a third analyst, citing several fundamental factors, has aligned with the widespread bullish predictions. Among other signals, the analyst identified the upcoming launch of XRP trading on a CFTC-regulated platform this Monday as a potential boost to the cryptocurrency’s demand.

The analyst noted the exchange’s historical support for XRP as a positive signal, citing how the exchange supported the cryptocurrency against regulatory challenges, and its partnership with Ripple, among other developments.

Overall, all the analysts believe the protracted bear pressure on XRP is fading, having run out of steam, and the cryptocurrency is set for a rebound despite trading at $2.08 at the time of writing.