You are here: Home / News / XRP Bulls vs. Bears: Analysts and Market Sentiment Favor Bullish Outlook
In a recent market analysis, the well-known crypto expert EGRAG CRYPTO examined the complex movements of XRP’s price, shedding light on its unique characteristics and providing predictions for the future direction of the popular cryptocurrency.
Bulls vs. Bears: Analyst Remains Bullish For XRP
Since the significant downturn experienced on April 8th, EGRAG CRYPTO noted the 21 Exponential Moving Average (EMA) as a pivotal resistance level. The analyst observed a pattern consisting of two bullish candles and precisely two bearish candles following the aforementioned event, indicating a delicate balance between buying and selling pressures in the XRP market.
EGRAG CRYPTO highlighted key levels as crucial signs of market sentiment. A weekly close above $0.57 was seen as a bullish signal, suggesting possible upward momentum. On the other hand, dropping below $0.50 on a weekly basis was considered bearish. This could disrupt the current market structure, leading to further downward pressure on the cryptocurrency.
The analysis further emphasized the intense battle between the Bulls and the Bears in the past four weekly trading sessions, as shown by the fluctuating candlestick patterns. Despite the fierce competition, the analyst expressed confidence in the Bulls emerging victorious in the ongoing struggle for dominance within the XRP market.
XRP Predicted to Surge 26% by May 10
At the time of writing, XRP is valued at $0.513999 with a 24-hour trading volume of $1.59 billion showing how active the market is. This is further supported by its large market cap of $28.45 billion.
Although the price of XRP has decreased by 2.18% over the last 24 hours, it has shown resilience amidst market volatility. Changelly is optimistic about XRP’s future. According to their latest forecast, it may rise to $0.668502 by May 10, 2024, an increase of 26.59% from the current level.
A split view is revealed from the study of market sentiments by Changelly. In this case, 32% of the indicators point to being bearish, while 68% indicate a more bullish outlook, showing that most people are optimistic about the future performance of the coin in the market.
Besides, the Fear and Greed Index currently stands at 64, revealing that market participants are feeling advances of greed. Such emotions arise from anticipations of uplifted prices, highlighting a promising perspective towards XRP and the possibility for upcoming growth.
Related Reading | Robinhood’s Q1 2024: Revenue Surges 40%, Crypto Trading Volume Up 224%
