XRP: The cryptoasset could be on a bullish trend
XRP: The cryptoasset could be on a bullish trend
Although the price of XRP has been on the rise lately, the cryptocurrency is at a crossroads as a decrease in active addresses and converging EMAs indicate an impending surge in volatility.
Should a scenario develop in which the number of active addresses increases, XRP could see a bullish trend. The growth of positive sentiment in the market will contribute to the increase in the price of the cryptocurrency and will avoid the impending "death cross" pattern.
If the opposite scenario occurs and the number of active addresses continues to decline and the EMAs continue to converge, XRP will show a bearish trend that will lead to the development of a "death cross" pattern. This is likely to trigger a large-scale sell-off and lead to a collapse in the price of the cryptoasset.
Currently, the price of XRP has increased by 1.52%, and the asset is trading at $0.5.
It is worth noting that XRP is between support at $0.47 and resistance at $0.54, the overcoming of which will provoke a further trend in the asset.
In addition, we should not forget that with the impending "death cross" pattern, investors are waiting for an opportunity to sell their assets.
Read also: What awaits BTC in the near future?
