XRP's technical indicators estimate lower prices despite the bullishness

XRP surged nearly 16 percent on Jan. 6 as Binance launched perpetual swaps.

On Jan. 6, the world's largest cryptocurrency exchange by trading volume Binance announced the introduction of XRP perpetual contracts.

Following the announcement, XRP skyrocketed nearly 16 percent.

Brad Garlinghouse, the CEO of Ripple, addressed the crypto community and investors about a number of concerns that have been raised about XRP over the last year.

In an interview with CNN, Garlinghouse said that Ripple is interested in the success of XRP dismissing the allegations that the company has been "Dumping" their holdings.

"Ripple owns a lot of XRP, we're very interested in the success of XRP, but the accusations of us dumping, that's not in our best interests to do that. We are clearly interested in a healthy and successful ecosystem. So, we would never do that and in fact, we have taken steps to lock up most of the XRP we own in escrows so we cannot touch it."

If this happens, then XRP could be bound for a nosedive that takes it back to the 50-twelve-hour moving average at $0.198.

Conversely, a spike in the buying pressure behind XRP could jeopardize the bearish outlook.

It is worth noting that from a long term perspective XRP seems bullish.

Now, it remains to be seen if XRP will indeed suffer a minor correction before continuing the uptrend that can be seen on its 1-week chart.