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▲ Ripple (XRP) ©Go Da-sol
XRP (Ripple) is building strong bullish momentum, breaking through key resistance levels and aiming for an additional gain of over 6%, bolstered by easing geopolitical tensions in the Middle East and positive indicators in the derivatives market.
According to FXStreet, an investment media outlet, on April 22 (local time), XRP is showing a solid trend, pressing the short-term resistance of $1.45 as global market volatility subsides with the extended ceasefire between the US and Iran. Since the ceasefire took effect on April 8, XRP has risen by 8.5%, proving its benefit from geopolitical stability. The Crypto Fear & Greed Index, while still in the "Fear" stage at 32 as of Wednesday, has steadily recovered from 23 last week and 8 (extreme fear) in March, suggesting improving investor sentiment and a gradual increase in risk asset preference.
Expectations for a bullish market are also rising in the derivatives market. As of Wednesday, the Open Interest weighted funding rate recorded an average of 0.0066%, showing a positive trend. According to CoinGlass data, the perpetual futures indicator has consistently remained in positive territory since April 3, confirming that traders are gradually increasing their long positions (buy).
This means that buyers are willing to pay premium fees, confident of a significant price increase in the future. The moderate funding rate of 0.0066% suggests that the retail trader market is not overly overheated or euphoric, and has healthy room for stable further gains.
Technical analysis indicators also support the upward trend. XRP, currently trading above $1.44, shows positive but not excessively extended buying pressure, with the Relative Strength Index (RSI) hovering around 58 on the daily chart. Additionally, the Moving Average Convergence Divergence (MACD) histogram is staying above the zero line, firmly maintaining a buy signal and adding strength to the short-term bullish momentum.
To launch a full-scale rally, it must successfully overcome the 100-day Exponential Moving Average (EMA) resistance at $1.54, which is approximately 6% above the current price. Successfully breaking this level could significantly extend the upside to the long-term downtrend line near $1.68, and further to the 200-day EMA at $1.78. Conversely, if the short-term defense line of the 50-day EMA at $1.41 breaks, the current positive sentiment could reverse, and the risk of facing a deeper correction within a broader bearish structure cannot be ruled out.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
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