- XRP was seeing a somewhat sustained yet tentative bullish trend.
- Despite bearish attempts to reverse gains, XRP maintains higher lows after each bull flag.
In recent weeks, Ripple [XRP] has unexpectedly been riding a proper bullish wave, capturing the attention of investors and analysts alike. However, the pressing question remains: How long can XRP sustain this bullish trend?
XRP’s opening and closing prices over the days show a general downtrend with slight recoveries. As seen in the chart below, XRP’s MACD line fluctuates around the zero line, indicating a market in balance between the bulls and bears.
Source: TradingView
The presence of blue peaks above the signal line briefly suggests bullish momentum but is quickly neutralized, as seen by subsequent red troughs below the signal line.
Bullish momentum to halt or…?
Occasional spikes in the RSI show brief periods where buying pressure increases, but these are not sustained, indicating that any bullish trends are tentative and not strongly supported by continuous buying pressure.
Source: TradingView
The presence of multiple bull flags on the chart above, notably following upward movements, signals continued bullish momentum.
However, these poles are followed by horizontal or minor retracement movements forming the “flags,” as shown in the chart above. This pattern typically indicates a consolidation phase.
The price has shown resilience by maintaining levels above earlier resistance-turned-support zones.
Each bull flag forms at a higher level than the one before it, hinting at a small yet consistent bullish sentiment.
Source: TradingView
Over the past five days, XRP has seen instances where an inverse head-and-shoulders pattern might have formed. However, these instances seem cluttered and overlapping due to frequent markings, indicating consistent attempts by the bears to reverse the bullish trend.
Current chart movements around the marked areas suggest frequent tests of resistance levels. XRP’s social volume has declined since the start of the year, but it is currently doing better than it was a month ago.
Source: Santiment
Realistic or not, here’s XRP’s market cap in BTC terms
Social dominance also appears to be on an upward trend, although not at the peak levels observed in December and January.
All in all, XRP’s bears are actively fighting the bulls, and for the momentum to hold, buying pressure must increase significantly.