Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- XRP was up more than 10% between Tuesday (May 16) and Friday (May 19).
- CVD smoothed over the weekend; it rose slightly as it went to press.
Ripple [XRP] bulls remained steadfast and made gains despite the overall bearish sentiment last week. Of the top 20 crypto assets, XRP has been an outlier, gaining more than 8% on the weekly front, according to CoinMarketCap. The weekly performance was only closely followed by Litecoin [LTC] at 7 o’clock%.
Source: Coin360 (Weekly Crypto Price Performance)
Is your wallet green? look at the XRP Profit Calculator
However, Bitcoin [BTC] was stuck in the $26k price zone at the time of writing and could limit strong upward movement even for XRP.
Despite ongoing legal proceedings, the Ripple team unveiled plans to become a go-to platform for CBDC development for countries, governments and financial institutions. Could this fuel bullish momentum, or will BTC’s swings limit it?
What’s next for XRP?
Source: XRP/USDT on TradingView
The strong rally from May 16 caused XRP to surge more than 10% on May 19, according to the price range tool on TradingView. Initially, the price was rejected at the former mid-range level of $0.4604, but bulls later beat it on May 18.
After that, the price fluctuated on either side of the mid-range. The strong rally on May 18 created an FVG (fair value gap) zone of $0.451 – $0.459 (white). So far, the price has reacted positively to the FVG and could be a demand zone.
But bulls could slow down near the recent highs at $0.4757 if BTC fluctuations continue below $27k. If BTC decisively reclaims $27k, a retest of the previous range high of $0.487 could be feasible.
Conversely, a session close to the FVG zone and $0.4412 could tip sellers to sink XRP to previous lows of $0.433.
Meanwhile, the RSI reading was 56, indicating increased buying pressure. Similarly, OBV has been up since May 12, with volumes improving over the same period.
CVD eased over the weekend, but…
Source: Coinalyse
How many Worth 1.10.100 XRPs today?
On the hourly chart, the CVD spot (cumulative volume delta) has been positive and rising since May 12. It shows the dominance of the buyers and the optimistic sentiment. However, the indicator fell over the weekend, but rose slightly as it went to press.
Global funding rates for XRP have remained exceptionally positive since May 16 – a bullish near-term perspective. While these favor bulls, investors would want to follow BTC’s price action for well-optimized trade setups.