Ripple’s XRP is on steady ground today. And unlike Bitcoin, XRP's outlook has remained bullish since late September’s crash, in terms of short-term trading opportunities.
XRP today started the week off at $0.29 per token, very close to its closing price last Monday.
The cryptocurrency-of-disputed-origins remains in an upward channel, which traders have maintained since the end of September, without any unusual breakouts, according to data from TradingView.
And unlike the generally pessimistic outlook throughout the rest of the crypto market, XRP bulls have proven their dominance over the course of the last month. The pattern is clear: bulls cause a relatively significant increase in price one day, and then the market slowly corrects, with small candles that remain flickering until the next major bullish break occurs. This has occurred five times in the last 30 days: on September 25 and 30; and then again on October 7, 14, and 17.
Nevertheless, XRP has been one of the worst-performing tokens in the top-10 cryptocurrencies by market cap in 2019, in terms of return on investment.
And even though some traders believe the token has bottomed out, XRP bulls still need to fight to prove this theory right. The $0.29 price point represents a robust historical resistance for XRP. The asset’s high Relative Strength Index (RSI) signals that the bulls are probably a little tired and need some time to recover before pushing a new big, green candle (like what happened the last five times this recent pattern played out).
However, this fatigue from traders, coupled with the fact that XRP is testing a historical resistance, is reason enough for those trading XRP to proceed with caution.