XRP news today: XRP Gains 7.5% Annually, Defying May Bearish Trend

Despite the market's historical tendency to be bearish in May, experts are optimistic about the future of XRP. The cryptocurrency has shown resilience, with annual gains of 7.5% this year, despite significant market turbulence. This performance has led analysts to believe that May could be as bullish as April was for cryptocurrencies.

Nic Puckrin, the head of the crypto-focused online magazine CoinBureau, is among the analysts who predict a bullish outlook for cryptocurrencies this month. He highlighted that Bitcoin has performed positively in nine of the past twelve years during May. Additionally, institutional inflows to Bitcoin-spot ETFs and a lower correlation between BTC and stocks support a bullish outlook for cryptos, including XRP.

Looking at the daily chart, the price of XRP broke above a descending triangle and immediately jumped above the 21-day EMA during a session that saw strong trading volumes. Recently, the price has moved near its 200-day EMA, indicating that the uptrend that started back in November has weakened as market participants wait for the next positive catalyst. For now, the token’s outlook is still bullish as the 21-day EMA is still above the 200-day EMA while momentum indicators are still in positive territory.

However, as XRP continues to consolidate, the $2.6 level remains the most critical resistance to watch. A break above this marker could mean that the token is ready for its next leg up. Meanwhile, its short-term and long-term EMAs remain the key support zones to monitor during what’s historically a bearish month. As long as the price holds above those levels, there’s little reason for panic selling in May.

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