XRP market sentiment demonstrates bullish optimism but market data signals a decline in both bullish and bearish volumes.
- What’s next for XRP as the market flashes signs of short-term uncertainty? XRP crowd and market sentiment remains bullish amid expectations of a long-term triangle pattern breakout.
Most of the top cryptocurrencies, including XRP, have concluded September with overall bullish gains. But can XRP build on September’s bullish momentum in October?
Let’s explore how the cryptocurrency faired in the last four weeks, as well as its potential for the rest of 2024.
Although XRP had a bearish first week of September, it managed to turn things around in the second week.
It managed to achieve a strong rally in the last three weeks, resulting in a 31% upside from its $0.502 September low to its $0.664 monthly high.
XRP pulled off an overall 7.6% gain from its monthly opening price to its monthly closing price.
The cryptocurrency’s performance during the last four weeks pushed the price back into a previously tested resistance zone. XRP had previously pulled back multiple times in July and August after pushing above $0.62.
Source: TradingView
While XRP’s latest attempt in September pushed higher than it did in July and August, it raises the question of whether this new bullish attempt is sustainable.
The cryptocurrency already demonstrated resistance at the end of the month. Also, its Money Flow indicator suggests that liquidity outflows were brewing.
Source: TradingView
On the other hand, it managed a 3% gain in the last 24 hours, which suggests that XRP holders might be holding on to the prospects of a bullish extension in October. This aligns with the current market sentiment.
An actionable outcome?
According to Market Prophit, XRP’s sentiment (both crowd and smart money) leaned more on the bulls in the last 24 hours. This shielded the cryptocurrency from outflows, and it backed the recovery in the last 24 hours.
This outcome may offer insights into XRP’s potential performance in the next few weeks. The cryptocurrency is currently on the verge of a breakout from its long-term triangle pattern.
Nevertheless, the market recently demonstrated some level of uncertainty regarding XRP’s next directional move. This was evident in the buy and sell volumes, which dipped considerably in the last three days.
Source: Hyblock Capital
Both bullish and bearish volumes were evenly matched at the time of observation.
Regardless, there was an observable decline in the volumes during the 3-day period, suggesting uncertainty regarding the direction of the market.
The current market sentiment suggests that both retail and smart money are optimistic about XRP in September. However, per on-chain data, the cryptocurrency’s next move is subject to directional uncertainty.
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