Ripple-linked coin XRP and Bitcoin (BTC) are both exhibiting interesting dynamics on the daily chart. XRP experienced a moderate price increase, but Bitcoin slipped lower, showing a clear decoupling.
Improving XRP investor sentiment
Over the last 24 hours, XRP increased by 2.58%, setting the price at $2.19, according toCoinMarketCap data. In contrast, the value of Bitcoin declined 0.3% to $107,421. This price performance showed that XRP is ascending independently of Bitcoin.
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It also suggests more bullish performance ahead of XRP amid improving investor sentiment and technical analysis. As revealed in an earlier U.Today report, XRPtrading volume rallied 300%, indicating the entrance of large investors.
In previous weeks, XRP experienced low activity, and the Bollinger Bands were tightening. Hence, the 300% surge in trading volume helped in the compression of price volatility.
The convergence of the major moving averages adds to the optimistic XRP outlook. The 50- and 100-day EMAs are almost overlapping at $2.20, while the 200-day EMA is slightly below at $2.10. Bulls could turn these levels into dynamic support and generate additional upward momentum from there.
Another encouraging factor contributing to the XRP upside is the SEC approval of a spot Exchange-Traded Fund (ETF) with ties to the coin. The U.S. Securities and Exchange Commission (SEC)officially approved Grayscale to convert its Digital Large Cap Fund into an ETF.
Is Bitcoin volatility over?
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Portfolio manager David Cox at Raymond James recentlypointed out that Bitcoin is oversold on the six-hour chart. This is the first time this has happened since the coin approached the $100,000 low zone on June 22.
Cox shared a chart that showed several RSI oversold bounces, marking short-term bottoms for Bitcoin. Therefore, this signal may be interpreted as bearish rather than a bullish price signal in the short term. That said, the fact that daily trading volume rose 12.6% to $47.3 billion may be a good sign.
