According to U.Today, XRP may be indicating the end of its prolonged downtrend since March, as it forms a pattern that suggests a decrease in selling pressure. This pattern, known as a cup bottom pattern, is typically a bullish sign that an asset might be preparing for an upward move. The rounded bottom of the pattern indicates that buyers are starting to take control and selling pressure is reducing.
Currently, XRP seems to be stabilizing at $0.47, which could provide support for future increases. Technical indicators also support the possibility of a reversal. As XRP is testing its 50-day EMA, a successful break above it could pave the way for a move towards the next resistance level, the 100-day EMA, situated around $0.50.
If XRP can sustain its upward momentum, the longer-term target is the 200-day EMA, currently at $0.53. According to the Relative Strength Index (RSI), XRP is in the neutral zone and has room to rise before reaching overbought conditions. The RSI, currently at 42, suggests that without significant selling pressure, buyers might still be able to push the price higher.
Volume analysis shows a decrease in sales activity, which is positive news for XRP. On down days, the declining volume indicates that the bears are weakening and the bulls might be about to take over. However, XRP needs to see an increase in buying volume to confirm a breakout and establish a long-term uptrend.