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

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. The slope of the RSI line is also slightly negative and pointed towards oversold territory.

There is some bullish momentum present on XRP’s daily chart as indicated by the 9 EMA being positioned above the 20-day EMA line. This momentum may be dwindling, however, as the margin between the two EMA lines is gradually shrinking.

There is currently more buy volume than sell volume today. This suggests that bulls are fighting to close the week off within the Gaussian Channel shared by the Twitter user.

Investors and traders need to keep an eye on the 9-day EMA line throughout today. Should XRP’s price break below this level before the end of today’s trading session, then XRP will not close the week off positively.

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