Ripple: All you need to know about the recent XRP price movements

  • XRP has seen a growth in positive sentiment since early 2023.
  • However, traders are reluctant to make big bets.

There may be a shift in investor sentiment towards Ripple (XRP), such as the data from feelings It indicates that the altcoin has seen a significant increase in positive sentiment since the beginning of the year. This comes after a long period of low investor confidence in the market following the unexpected fallout from FTX.

read waves [XRP] Price forecast 2023-2024

At the time of writing, the XRP weighted sentiment is 2.22 per data from the on-chain data provider.

Source: feeling

Too much hype for nothing?

Despite the increase in positive sentiment surrounding Ripple (XRP), its price did not show any significant growth, instead staying within a narrow range. to me CoinMarketCapXRP price has fluctuated between $0.34 and $0.35 since the beginning of the year.

On the daily chart, while the Moving Average Convergence/Divergence (MACD) indicates that a bullish cycle is underway, the continuous shorting of the histogram bars that make up the MACD confirmed that the market was range bound.

When the price of an asset is range bound, this means that it fluctuates within a certain price range and does not make any obvious directional movements. This can happen when there is a lack of clear catalysts or market uncertainty, and traders are reluctant to make big bets in either direction.

How much XRP can you get for $1?

The location of the Relative Strength Index (RSI) and Money Flow Index (MFI) gave XRP credence to the uncertainty that permeated the market since the beginning of the year. The leading indicators have not changed since December 29, when the weighted sentiment turned positive.

If the RSI of an asset does not change, it could be a sign that its price is not experiencing significant strength or weakness and is instead consolidating. Likewise, if the MFI is flat, it may be a sign that the buying and selling pressure of the asset is balanced, and there is no clear trend in volume.

However, despite trading in a narrow range, the Chaikin Money Flow (CMF) of XRP has been in an upward trend over the past week. A higher CMF usually indicates more buying than selling transactions, which often leads to upward price movements.

Therefore, when the price of an asset is hanging out in a narrow range while its CMF is rising, it could indicate that there is a buildup of buying pressure that could lead to a breakout.

Source: TradingView

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