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If you don’t know what to do in the bull market, you are welcome to scan the code to join the group for free. The spot code and layout strategy of the bull market can be shared for free. Welcome to private message me to join us Penguin number can be added: 3838974575 High-profile analysis agency Income Sharks expressed caution about the current XRP trend and highlighted the OBV indicator. His comments highlight that XRP is still outperforming most mainstream assets. Notably, XRP is currently trading at $2.62, surpassing BNB but still below Tether’s USDT. XRP has gained nearly 10% in the past seven days, outperforming the top ten cryptocurrencies by market capitalization, confirming analysts’ views.  XRP Still in Danger However, Income Sharks noted that XRP’s balance of volume indicator (OBV), like most other cryptocurrencies, is on the “dangerous edge.” This warning message indicates that although XRP currently looks strong, this key indicator indicates potential risks. For those unfamiliar, the OBV indicator uses an asset's trading volume to predict its price movement. Its founder, Joseph Glanville, believes that changes in trading volume are indicative of subsequent price movements. Therefore, his indicator subtracts and adds the previous day's volume when prices fall and rises, respectively, to predict where prices are likely to go. The attached chart further supports the “yield shark” argument. The chart shows that XRP’s OBV indicator has been fluctuating within an ascending channel, which is highly consistent with XRP’s weekly price trend.  Meanwhile, the indicator has decoupled slightly recently. Although prices appear to be in a recovery phase, trading volumes are declining. Currently, the OBV indicator is close to the lower support trendline and there is a risk of falling below it. As the Granville indicator shows, even when asset prices rise amid shrinking volumes, they are only temporary. Income Shark echoed similar sentiments, calling on investors to remain cautious. Technical indicators suggest otherwise Despite market warnings of caution, technical analysis paints a different picture. On the daily chart, the Moving Average Convergence/Divergence indicator (MACD) shows a strong upward trend with consecutive green bars. The distance between the signal line and the MACD line has further widened, further confirming the uptrend.  Even on the weekly chart, the strong bearish bar is slowly starting to fall back, and the MACD line appears to be converging with the signal line. If this momentum continues, a golden cross may occur, confirming the upward momentum. Furthermore, the relative strength index (RSI) on the daily and weekly charts is 53.08 and 50.27 respectively. The index is well away from the overbought territory of 70, suggesting there is still room to rise. Fundamentals also bode well for XRP. Specifically, Evernorth has just accumulated 388.7 million XRP, and the prospect of ETFs has also boosted bullish sentiment in the market. If you don’t know what to do in the bull market, you are welcome to scan the code to join the group for free. The spot code and layout strategy of the bull market can be shared for free. Welcome to private message me to join us Penguin number can be added: 3838974575 |
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