“Bullish Divergence” Excitement in Altcoin That Made Its Mark in July! A New Rising Might Be Coming!

After Ripple declared partial victory in the lawsuit filed by the US Securities and Exchange Commission (SEC), #XRP , which rose sharply in July, offers signs that it may rebound after a period of decline in which it lost most of its gains.

"Bullish Divergence" Signal Causing Excitement in XRP

XRP, the fifth-largest cryptocurrency by current market capitalization and also the fourth-largest altcoin, has experienced a bullish divergence in the Relative Strength Index (RSI) on the hourly timeframe, according to an alert from technical analysis platform 100eyes Crypto Scanner.

A bullish divergence on the RSI occurs when the price of an asset falls while the technical indicator rises. This divergence usually indicates that the price is likely to move upwards. The bullish divergence seen in XRP could act as a ray of hope for investors of XRP, who are seeing the altcoin lose value amidst an overall bearish market sentiment.

Some investors and traders may view this as a strong buy signal, but those who are skeptical of this signal may be cautious, thinking that the bullish divergence in question may be misleading and caution should be exercised. Additionally, market-wide conditions as well as upcoming legal and regulatory developments are causing XRP to remain under pressure.

XRP Price Dropped Despite Positive Court Decision

Although Ripple, the issuer of XRP, declared a partial victory in the court battle it initiated after the lawsuit filed by the SEC in July, the enthusiasm shown by investors following the development could not be maintained. The price of XRP rose to a yearly high of over $0.90 on July 20, driven by the landmark court decision.

Despite this remarkable rise, the price of XRP is trading below the $0.5 level, losing almost all of its gains after the partial victory. This decline was despite other positive regulatory developments in the cryptocurrency market, including Grayscale Investment's significant victory against the SEC. The bearish sentiment surrounding the broader market appears to be impacting the price of assets backed by strong fundamentals.

Moreover, the data provided by search engine giant Google also points to negativity for XRP. The data indicates that Google searches for XRP have dropped significantly recently, reflecting a significant decline in investor interest in the altcoin.