While most of the major cryptocurrencies seem to be underperforming, Ripple (XRP) seems to be demonstrating high performance. The data shows that the price of XRP had managed to break through the $0.87 price on December 20. At present, the $0.87 per XRP price is the 20-day EMA for XRP.
As the price of XRP managed to recover above the $0.87 per XRP price, it meant that finally, XRP was experiencing a reduction in selling pressure. This means that given the current situation of XRP, the bears have lost their steam.
This is the reason why the price of XRP has started recovering as the bears are not selling it at a high level as they did in the first two weeks of December.
With the selling pressure reducing, the bulls now have a golden opportunity at their doorstep to welcome and make full use of it. The data from TradingView shows that as of now, $1 is the psychological level for XRP.
Therefore, the bulls may try to push their price over the particular price in order to build a strong rally in the upcoming days. As there is a reduction in selling pressure, it is expected that the bulls may not face much resistance from the bears in hitting the $1 price.
Even the 20-day EMA value for XRP is now increasing price, which means that XRP is indeed experiencing a high trend. The relative support index for XRP has also moved in the bullish zone. This means that even the RSI is now supporting the bullish trend for XRP.
With the recent developments taking place in the price of XRP, it is now expected that it may soon be able to grow up to $1.20 per XRP. If XRP manages to hit $1.20, it would inject more confidence inside the investors who may increase accumulating XRP to push it close to $1.41.
On the other hand, the bears may attempt to pull XRP below the $1 per XRP price. If that happens, the bears may attempt to bring its price below the 20-day EMA. The bears will achieve this by increasing their selling price for XRP.
If the bulls manage to bring XRP’s price over the 20-day EMA once again, this would mean that the bulls have again taken control of the situation. However, if XRP’s price dips below the 20-day EMA and continues falling, it may trigger another high sale for XRP.
As a result, the price of XRP may continue falling it may fall below the $0.85 per XRP price. Then the bears may trigger another major selling spree and try to bring its price below the $0.75 per XRP price.