Ripple’s XRP finally achieved a bullish performance after it struggled to find a trend foothold the previous week. However, the upside, especially in the past three days, has not been as strong as observed in some of its peers.
Is the return of bullish momentum enough to push it to the next support and resistance range?
This is the AMBCrypto price prediction for XRP
A closer look at XRP reveals that it is stuck inside a Fibonacci support and resistance area. If we notice its previous high in September, we see that it met a strong resistance above the $0.53 price level.
Each retest of this level generated some downside which then found strong support at the $0.43 price level.
The price has been trading within the same range for over four weeks now. The last retest of the lower band occurred on October 20, after which the price gradually rose.
Interestingly, the lower range was also supported by the Fibonacci line at the 0.236 retracement level. If more upside is expected, XRP may offer up 11% before retesting the 0.382 Fibonacci level.
The most recent recovery occurred on the 200-day moving average indicator. And most importantly, a golden cross was formed next. This means that the 50-day moving average has crossed above the 200-MA and is often considered a bullish sign.
Another important note regarding the price is that the RSI is moving within an ascending support line. In other words, the RSI indicates that the relative strength of XRP has increased in favor of the bulls.
The tenthThe other side of the coin
While the golden cross and relative strength highlight more upside potential, some on-chain XRP metrics paint a different picture. For example, weighted emotions and development activity remained within their lower ranges.
Low development activity and weak sentiment may explain why XRP’s upside has been limited so far.
However, Ripple has taken steps that can boost investor sentiment while ensuring healthy development activity.
Ripple recently announced the launch of a new $250 million Innovative Fund.
📣 Wave 3 of the $250 million Creator Fund has opened!
This wave is looking for content creators building digital and physical NFT technologies, although applications are welcome for all use cases.
Submit your application by December 30 at the latest. 👇 https://t.co/RsGxuKw36O
– Ripple (@Ripple) October 25 2022
The fund is part of the network’s plan to encourage more network activity from Ripple users. The announcement also confirms Ripple’s increasing focus on the NFT market.
Many popular blockchain networks have increased their determination to look for more growth opportunities in the NFT market.
XRP investors who are wondering if the time is right to buy may find that there is a lot of friction for the bulls. This is despite several bullish signals.
The supply breakdown reveals that most of the top picks were bought during the last bullish respite.
However, addresses with more than 10 million XRP have been steadily reducing their balances in recent months and have continued to do so in recent weeks.