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21 May 2024
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Price Analysis

XRP Price Regains Control Over $0.31 as Momentum Turns Mega Bullish

It is very uncommon for all crypto markets to turn bullish at the exact same time. Albeit most of this stems forth from the symbiotic relationship with Bitcoin, it is evident this development wasn’t entirely expected. The XRP price, while not a cryptocurrency, is going pretty strong as well. Retaking the $0.31 level was the first order of business, although there’s still a lot of work to be done.

XRP Price Bull run is Impressive

When it comes to digital assets, they often tend to correlate less with Bitcoin’s price momentum. Over the past few months, that has become somewhat of a different story, primarily where XRP is concerned. In fact, this popular asset has virtually been a mirror image of Bitcoin in terms of its price momentum. Not the trend people are looking for by any means.

On today’s chart, however, this correlation works in favor of Ripple’s native asset. That in itself is a bit surprising, although it may also be a welcome change of pace. Following a strong 7.1% increase, the value per XRP now sits at $0.3138 again. A big improvement compared to the $0.29 level just two days ago. No uptrend is noted in XRP/BTC, as the asset loses 0.8% in this department.

It is evident the current price momentum has taken a lot of people by surprise. Alistrago shares how bullish the chart has become in the past few hours, even though it would appear some negative pressure has begun materializing. Nothing alarming just yet, but this uptrend may not remain in place for long.

To put this in perspective, CryptoHawk expects another leg down to materialize fairly soon. This leg down is the precursor of a push to $0.38 or slightly higher in the coming weeks. It is not unlikely this scenario will play out, although these volatile markets tend to prove technical analysis fans wrong virtually every other day.

For those who are not willing to chase the XRP top right now, exploring price differences between trading platforms can yield some good money as well. Several arbitrage opportunities have become apparent where this digital asset is concerned. All of the potential profits are more than respectable, even though they may not be available for much longer.

All things considered, it would appear there is genuine positive momentum brewing on all fronts. Unfortunately, weekends tend to disrupt the overall market trend in a negative manner. This week may not necessarily be different in that regard, although it is still too early to draw any real conclusions in this regard.

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