XRP has yet to register a significant increase on the weekly scale. The candle on this scale resembles a doji, with wicks sticking out from both ends. Nonetheless, the wick sticking out below is longer, which means the asset is recovering from a notable dip.
Nonetheless, it started the session a little bullish. On Monday, it attempted the $0.55 resistance but failed to flip it. Following the failed attempt, it retraced and closed at a price lower than its opening price. It sank lower the next day but closed at its opening price. However, it dipped on Wednesday.
Trading conditions improved on Thursday as the bulls staged a massive buyback. The coin opened trading at $0.52 but surged and tried breaking $0.55 and failed. It took a trial at the barrier the next day with the same result.
Currently printing a doji, the altcoin is unable to break above the highlighted resistance. Since dropping below it at the start of the month, all attempts to reclaim it failed. However, there are indications of a breakout.
The Buzz Around ETFs
The XRP ETF is gradually gaining more buzz. Before this month, Grayscale’s XRP Trust fund was the closest to this feat. However, a new player filed a direct application for this asset class. A filing submitted on Tuesday with the Delaware Division of Corporations reveals that crypto index fund manager Bitwise has applied for a spot XRP exchange-traded fund (ETF).
Crypto investment firm Canary Capital also got in on the action, submitting a proposal to launch a spot XRP exchange-traded fund (ETF), making it the second company within a week to seek approval for an XRP-focused fund.
Historically, the crypto community has applauded previous filings on other major assets. Altcoins will be no exception, and prices may react in days, leading to a decision from the SEC. The coin may see massive surges.
The XRP community is also buzzing with other happenings. In early September, Ripple co-founder Chris Larsen supported U.S. presidential candidate Kamala Harris. A recent filing with the Federal Election Commission (FEC) revealed that on August 14th, Larsen donated $1 million in XRP to a super PAC supporting Harris’ campaign.
While the asset is seeing notable fundamentals, indicators on the one-day chart hint at a breakout.
Ongoing XRP Accumulation
The consistent failure to break the $0.55 barrier tells a different story. The bulls are accumulating around $0.52. The accumulation and distribution suggest notable buyback at this level as the buyers soak up the excess supply.
The relative strength index attests to the previous assertion. It rises anytime it hits this level. Nonetheless, the metric is gradually increasing, at 44 at the time of writing. This is also the same trend on the momentum indicator as the price increases continued.
The moving average convergence divergence is also printing bullish signals at the time of writing. MACD’s 12-day EMA has halted its decline and is heading upwards in a bullish convergence. If the current trading conditions continue, it will intercept the 26-day EMA in the coming days. However, the average direction index has yet to respond to the latest shift in price trajectory.
The Moving Average Convergence Divergence (MACD) is currently showing bullish signals. The 12-day EMA has paused its downward movement and is trending upward, indicating a potential bullish convergence. If these trading conditions persist, it will intercept the 26-day EMA in the next few days. However, the Average Directional Index (ADX) has not yet reacted to this recent change in price momentum.
The positive indicators are leaning towards an impending breakout. The asset may flip the $0.55 barrier in the coming days. Previous price movements also suggest that XRP may attempt to make $0.57 afterward.
