XRP Bullish Signals Show A Parabolic Price Explosion

The XRP bullish signals show that a parabolic price explosion could be coming in the near future as one of the prominent technical analysts in the community recently pointed out so let’s find out more in today’s Ripple news.

In a recent tweet, Tradingshot laid out a few different reasons that led him to believe that XRP could be preparing to ‘’explode.’’ The analyst explained that the moving average convergence divergence that usually follows the path of a trend and calculates the momentum is becoming bullish for XRP according to the 1-week chart. This index shows to be printing the same sequence as it did during the period between December 2014 and 2017 according to the trader. Tradingshot is now waiting for the 50 and 100-week moving averages to form a golden cross and the XRP Bullish signals could confirm the potential bullish upswing.

Some of the investors see the Golden crosses as one of the strongest purchase signals that could start a long-term bull market but the 50 and 100-week moving averages on XRP’s 1-week chart are far from developing a bullish pattern which indicates that it is too early to call for a parabolic advance. The TD sequential indicator recently presented a purchase signal in the form of a red nine within the same timespan and the technical index predicted a one to four candlestick increase or the beginning of a new upward countdown.

So far, XRP surged for three weekly candlesticks in consecutive order but the bullish momentum has not been very strong to allow it to close above the $0.24 resistance level. This major price hurdle is currently shown by the 20-week moving average and since 2019, the 20-week moving average contains the price of XRP from a further advance. Because of the prolonged situation of this barrier, the weekly candlestick close above can be seen as a positive sign. If this happens, XRP could surge and could even test the next level of resistance given by the 50-week moving average.

It is worth noting that Ripple’s XRP has been in a huge downtrend since reaching an all-time high of $3.30 and since then the cryptocurrency was not able to reach a higher level. It still continues to make a series of lower lows and it hit a $0.176.