Bulls increase momentum: XRP promises more earnings!

Ripple's (XRP) bullish march has marked significant progress with the altcoin posting 9.1 percent gains over the past 48 hours. A recent price report highlighted the possibility of further gains for XRP after bulls successfully defended most of its March gains.
Bitcoin, which remained stable in the $ 26.5 thousand price region in the same period [BTC] This solidified the bullish rush as XRP's price moved towards a key resistance level.
XRP bulls pick up momentum
Despite the general market conditions, XRP has been in an uptrend since May 16 after finding support at $0.4172. The uptrend has seen significant pullbacks at $0.5708 and $0.5401, while the latest price action showed the bulls to be on the march again.
XRP rallied towards the $0.4940 resistance level, posting four consecutive bullish candles on the 12-hour time frame. This bullish activity may have been influenced by the fact that Ripple is not classified as a security in the ongoing SEC litigation.
Indicators on the chart showed that the bulls are likely to turn the $0.4940 level to support. The RSI remains at the neutral 50 mark despite a short decline. OBV also continued its uptrend to signal stable demand behind XRP. CMF posted a reading of +0.17 as of press time. This indicated stable capital inflows into XRP.
A session close above the $0.4940 level on higher timeframes will signal a strong opportunity for buyers to reclaim the $0.5401 level. But a major challenge will be the bearish order block just below the level.
On the other hand, the bears will try to stop the bullish momentum with a price rejection at $0.4940. This could turn XRP bearish as sellers target the $0.4451 and $0.4172 support levels.
Speculators support bulls
Looking at the 12-hour long/short ratio data from Coinglass, market sentiment is leaning slightly towards the bulls. As of press time, tall people had an advantage of 50.35 percent.
Liquidation data for the same period also showed that short positions suffered significant losses. Short positions worth $467.40K were liquidated, compared to $171.04K of long positions. These price movements by market speculators intensify the buying pressure on Ripple, leading to more gains in the medium/long term.
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