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Disclaimer: The results of the following analysis are the author’s sole opinion and should not be considered investment advice.

XRP observed a brief range-bound movement in the $0.307 to $0.367 area for almost seven weeks. However, a gradual increase in altcoin buying pressure led to a bullish $0.36 support. This growth requires an ascending channel on the daily time frame.

Meanwhile, buyers have yet to find a convincing close outside the supply zone (green, rectangle) to build a strong bullish narrative. A close above that level could help buyers continue their frenzy.

At press time, XRP was trading at $0.3775, up 1.96% over the past 24 hours.

XRP daily chart

Source: TradingView, XRP/USDT

alt tested the multi-year support range of $0.307 to $0.309 several times in the last month. But buyers insisted on laying the groundwork for three weeks of staggering gains.

While the supply zone limited buying power, the altcoin marked a recovery above its 20 EMA (red) and 50 EMA (cyan). The current ascending channel trajectory has driven a test of this supply zone on multiple occasions. The bulls are likely to take advantage of weakness in this area, especially if the bullish flag is set to find support near its EMAs.

A bounce off the $0.36 support has XRP testing the $0.408 area. A close outside the supply zone could trigger a near-term buying advantage. On top of that, bullish flag setups are generally more effective during downtrends in volume. In the case of XRP, the volume trended down during the flag setting.

Fundamental

Source: TradingView, XRP/USDT

A comfortable position on the Relative Strength Index (RSI) above the 54 support level could favor buyers in the coming sessions.

Additionally, the Chaikin Money Flow (CMF) marked a lower peak to paint a fairly bullish divergence from prices. Its immediate trendline support could reignite an uptick in buying volume. Also, the MACD line remains bullish while oscillating above the zero mark.

in conclusion

Given XRP’s bullish flip against the $0.36 support and a bullish flag setup and CMF divergence, buyers are aiming for a continuation of the gradual increase on the chart.

Buyers’ inability to create a bullish crossover at the 20/50 EMA could prolong the compression phase before the volatility breaks out. In either case, the goal will be the same as discussed.

Additionally, keeping a close eye on Bitcoin’s movements and broader sentiment is important to determine the likelihood of bullish invalidation.



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