This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
XRP’s price rose to a high of $2.83 during the early U.S. hours Wednesday, hitting levels last seen on May 23, according to data CoinDesk data,
The move happened as the Guppy multiple moving average indicator, flashed a bullish signal. The ribbon indicator comprises six short-term exponential moving averages (EMAs) with periods ranging from three to 15 days showing short-term trend. It also includes six long-term EMAs with periods between 30 days and 60 days, representing long-term trend.
A bullish signal occurs when the six short-term averages cross above the long-term averages, as can be seen on XRP’s daily chart below.
The bullish crossover of the Guppy averages indicates that the path of least resistance is now on the higher side, with potential for a rally to $2.649, the high registered on May 14.