Main navigation

XRP Shows Bullish Divergence After Price Slump

Mon, 09/11/2023 - 05:31
article image
Alex Dovbnya
After erasing most of its post-court victory gains, XRP shows signs of a potential rebound
XRP Shows Bullish Divergence After Price Slump
Cover image via
Read U.TODAY on
Google News

After a period of decline that saw XRP lose much of its gains following a favorable court ruling against the U.S. Securities and Exchange Commission (SEC), there are signs that the cryptocurrency may be eyeing a rebound. 

XRP, currently the fifth-largest cryptocurrency by market capitalization, experienced an RSI Bullish Divergence on its hourly chart, according to a crypto alert by 100eyes Crypto Scanner. 

According to the latest CoinGecko, XRP traded at approximately $0.496, up 0.7% with a market cap of over $26 billion.

Bullish and bearish divergences

A Relative Strength Index (RSI) bullish divergence occurs when the price of an asset decreases while the RSI increases, often indicating potential for an upward price movement. 

This divergence comes as a glimmer of hope for XRP investors who have witnessed the token shed value amid a generally bearish market sentiment.

Some traders might view this as a strong buy signal, but skeptics might say that divergences can be misleading, and caution is warranted. Additionally, the overall market conditions, as well as upcoming legal and regulatory developments, could still impact XRP's trajectory.

Erasing gains after a favorable court decision

Although Ripple emerged victorious in its July court battle with the SEC, the market hasn't maintained the initial enthusiasm. XRP's price rose to a yearly high of 83 cents on July 20, boosted by the landmark ruling. 

Is This XRP Support Level Unbreakable? Here's How Price Is Moving

However, according to the latest data, the token has lost nearly all of its post-victory gains, trading below the 50-cent mark. This downturn comes despite other favorable legal developments in the crypto sector, including Grayscale's significant win against the SEC. Bearish sentiment appears to be affecting assets that were otherwise propelled by strong fundamentals.

As reported by U.Today, Google searches for XRP also recently experienced a drastic drop, meaning that there is very little interest in the cryptocurrency.  

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at