XRP Price Bucks Bearish Market Mood to Hit 13-Day High

XRP is reporting double-digit gains today, despite a generally bearish mood across the wider crypto markets.

Some in the investor community are associating XRP's gains with reports stating that Ripple's xRapid product - which uses the digital asset - could go live in the next month or so.

The news may have put a bid under the oversold cryptocurrency, which is currently down 90 percent from the record high of $3.30 hit in January.

XRP has also seen a 72 percent rise in trading volume, backing up that theory.

Over on the technical charts, XRP is teasing a long-term bullish reversal.

As can be seen, XRP is still trapped in a falling channel.

A UTC close above the confluence of the 50-day moving average and the top end of the falling channel, currently located at $0.3282, would confirm a bearish-to-bullish trend change and could yield further gains.

The relative strength index has turned bullish by moving above 50.00.

View XRP's sharp rally has neutralized the bearish outlook for now, though the sustainability of the rally is uncertain.

A close above $0.3282 is needed to confirm a bullish breakout and set the tone for a move higher to $0.424.