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XRP’s Weekly Close May Be a Bullish Sign for the Crypto

Published 02/05/2023, 05:43 PM
Updated 02/05/2023, 05:45 PM
XRP’s Weekly Close May Be a Bullish Sign for the Crypto

  • XRP’s price has increased 0.34% in the last 24 hours, erasing its negative weekly performance.

  • A Gaussian Channel has been identified on XRP’s weekly chart.

  • A close within this channel is considered to be bullish for the remittance token.

The price of Ripple (XRP) has risen 0.34% over the last 24 hours according to CoinMarketCap. This 24-hour positive price performance has erased XRP’s negative weekly performance. At press time, XRP is changing hands at $0.4109.

The Twitter trader, EGRAG CRYPTO (@egragcrypto), shared a snapshot of XRP’s weekly chart and a Gaussian Channel currently present on XRP’s chart.

Weekly Gaussian channel for XRP (Source: Twitter)

In a tweet this morning, the Twitter user stated that XRP’s weekly candle close will be important to watch as it may be the first weekly candle with a full body close inside the Gaussian Channel since May 2022. According to the Twitter user, a close within this channel will be bullish for the remittance token.

Daily chart for XRP/USDT (Source: TradingView)

Technical indicators on XRP’s daily chart are slightly bearish. Currently, the daily RSI line is positioned below the RSI SMA line. T…

The post XRP’s Weekly Close May Be a Bullish Sign for the Crypto appeared first on Coin Edition.

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