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XRP bulls are attempting to reverse ongoing bearish trend, but there is major hurdle ahead

XRP bulls are currently attempting to reverse the bearish trend with a recent price uptick. The Ripple’s native token is currently in the green, rising by about 2% over the past 24 hours.

xrp-bulls-are-attempting-to-reverse-ongoing-bearish-trend-but-there-is-major-hurdle-ahead

XRP/USD 4-hour chart | Source: TradingView

XRP Bulls Trying to Break Bearish Trend

Daily wicks indicate that XRP bulls are attempting to make a comeback. The token’s price recently plunged lower after breaking below the trendline of an ascending triangle. The Ripple-affiliated cryptocurrency is currently in consolidation mode, trading at $0.35 on major spot exchanges.

XRP bulls would have to overcome the 100-day moving average (MA) in order to have a shot at reversing the trend. The token is currently valued at $17.3 billion, which makes it the seventh biggest cryptocurrency.

According to Santiment, XRP is currently one of the cryptocurrencies with the most positive sentiment on its account. In this metric, XRP keeps companies with such assets as BNB, CAKE, and THETA. The study has been conducted within the last seven days.

“Among top market cap assets in crypto, those with the largest positive sentiment right now are Binance Coin, Pancakeswap, Theta, and XRP Network”, Santiment reported.

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During this period, the crypto market experienced a significant drop, which did not bypass any of the assets. If the drop took place on the whole spectrum of the market in approximately equal conditions, then further accumulation and growth became a personal matter for each of the given instruments.

So, all of the coins in the Santiment study posted gains of 10% or more over the next few days, while XRP only managed to recoup 4% of the decline. At the same time, the percentage of investors who are positive about XRP is 98%, which is two or more times lower than that of other tokens with similar characteristics.

The performance of XRP would seem to correlate with a positive sentiment indicator, but the way XRP candles have lain on the chart gives further food for thought and awakens interest. XRP’s recent decline has stopped right near the bottom of a well-known price corridor, at $0.335. Each time in the past three months, the price of XRP, after holding at that level, began to grow and reached at least $0.38. In percentage terms, this equates to another 9% potential upside of XRP quotes. So we have XRP lagging in price, lagging in investor interest, and a possible 9% upside, which as the strong correlation between the indicators shows could happen if sentiment remains positive. 

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