By Alicia Maher
After the XRP price opened above a crucial resistance, investors increased their XRP holdings. Thus, causing a spike in XRP price. The buying pressure is so intense that the RSI has also surged significantly. XRP’s bullish momentum will likely be sustained unless there is a huge reversal in the current market sentiment.
Similarly, Avalanche’s native token (AVAX) is bullish today. The uptrend, which started a couple of days ago, is being sustained by the bulls. The technical indicators predict that the bullish momentum might remain sustained over the next seven days.
XRP Price Might Reach $0.79
XRP price has been trading sideways over the last few days, with investors waiting for a clear market bias, especially as the general market sentiment was negative in January. However, the bulls have made intense buying efforts in the last 24 hours. Hence, XRP and almost all the digital assets are now green.
This intense buying pressure is causing an uptrend in XRP price. If sustained, XRP price might reach the $0.79 price level in the short term, with traders making as much as 26% profits. Apart from the positive general market sentiment and intense buying pressure by the bulls, there are also other factors causing a surge in XRP price.
The RSI continues to increase, moving from the oversold to the overbought territory. Hence, value investors might take more profits over the long term than short-term traders/investors. The market sentiment could change to the negative as apex banks remain hawkish regarding interest rates. A downtrend in the market bias would result in a sharp decline in XRP price towards the $0.57 and $0.53 range.
XRP Price on the 1-day chart. Source: TradingView
Value investors are likely to take entry positions in the $0.53 range. However, sellers wouldn’t have made any huge profits yet as the RSI is still in the oversold region. As of this writing, XRP trades at $0.607.
AVAX Is Still Bullish
The bulls’ intense buying pressure has helped AVAX sustain its bullish momentum. If this buying pressure is maintained, AVAX, which has already established a higher high of $67.87, will likely surge further.
AVAX 1-day chart. Source: Tradingview
A convergence of the Bollinger bands suggests a decrease in volatility and a possible price surge. The upper and lower limits of the Bollinger bands currently stand at $96.85 and $53.34. The upsurge in the general crypto market and AVAX price performance has caused a spike in the RSI on the 24-hour timeframe.
AVAX Price Action On The 1-Hour Chart
The uptrend in the short-term trendline shows that the bulls are in firm control. While AVAX currently trades at $69.78, according to Coinmarketcap data, it will likely increase in the coming hours as the bullish session isn’t over yet.
The intense buying pressure has also led to a cross-over between the 20-day EMA and 50-day EMA. In this timeframe, the RSI is nearly 62. In comparison, the upper and lower limit of the Bollinger bands is narrow at $65.44 and $73.82, respectively.