XRP Resides Under Bear Trap, RSI Predicts Possible Escape

Crypto analyst, XRPP, proclaimed that XRP has surpassed 4,600,000,000,000 total wallet addresses. According to CoinMarketCap, XRP is one of the top cryptos based on their cap and is currently battling an ongoing lawsuit with SEC.

JUST IN: $XRP surpasses 4,600,000,000,000 total wallet addresses.

— XRPP ????? (@XRP_Productions) March 1, 2023

While SEC shows confidence, CEO of Ripple Brad Garlinghouse mentioned that he is positive on his side. The crypto community also believes that Ripple’s case is only a limitation for now. Furthermore, they believe that once Ripple wins the case against SEC, XRP could observe a significant surge in its price.

Ripple’s native crypto, XRP, is priced at $0.3791 experiencing a 4.40% slip in seven days. Moreover, the market cap is priced at $19,318,579,110 after witnessing a 0.27% fall in one day. XRP is currently residing within the red region.

MKR/USDT 1-Day Trading Chart Source: CoinMarketCap

When moving on to the four-hour chart, XRP is currently residing within Support 1. Moreover, it is currently below the 200 EMA and the 50 EMA, indicating that it is under the bear trap. In late February, 50 EMA crossed 200EMA creating a golden cross, that gave out a signal for a possible bullish run.

XRP/USDT (Source: Trading View)

However, a few days later, the two EMA indicators created a ruckus forming the death cross, which indicated the start of the bear season. After the formation of the death cross, XRP faced slipped to the Support 1 region which is around $0.37.

XRP/USDT (Source: Trading View)

Moreover, the space between both the EMA indicators continues to widen, which could mean that XRP will be facing the bear’s attack for some time. The RSI (Relative Strength Index) is currently valued at 48 which is often considered a neutral zone according to many traders. However, RSI’s movement shows that XRP could escape from the bears soon.

RSI’s current trajectory might cross the SMA soon, forming a golden cross, which could indicate that XRP could escape from the bear’s grasp. However, XRP’s behavior can only be confirmed after a few days have passed.

Source