Ripple price breaks above yesterday high as XRP sees bulls taking over price action

Ripple (XRP) price is experiencing a bullish lift after price opened above a vital barrier that could draw more investors into the nascent rally in Ripple coins. The buy-demand force is so tremendous that it is being reflected by the Relative Strength Index (RSI) which is experiencing a substantial up move. Expect a further continuation higher as long as global markets stay in risk-on mode, carrying 25% of gains before hitting $0.78 to the upside.

XRP bulls set the target at $0.78, carrying 25% of gains

XRP price has been trading a bit sideways these past few days as investors and market participants awaited confirmation that markets were ready to shrug off January’s negativeness. Going into the second trading day of February, bulls look set to come storming out of the gates in full force, as all equity indices are in the green and, in the process, are pulling cryptocurrencies out of their ditch. This perfect tailwind will see a lift in XRP price action, carrying 25% of gains as bulls set a  new target at $0.78, in the near term.

XRP bulls have some other elements in their corner for building a case to start an uptrend, apart from the tailwind spillover from equity markets. Bulls have very well respected $0.58, leading to a massive inflow of investors at this level. With that, the RSI has been drifting further away from the oversold area and still has a lot of ground to cover before becoming overbought, thus holding more upside potential for any long positions.

XRP/USD daily chart

Sentiment could still be set to shift to the downside as inflation seems to be sticky, stirring more hawkish central banks into action, and hitting global market sentiment. For XRP, that would translate in a sharp downturn towards $0.58 with a possible dip towards $0.52, where investors will want to engage again. Bears will not be in it for the long haul, however, given the RSI is likely to y hit back from oversold levels.