-
XRP price soared by more than 50% in the past few days but the recent downswing has shaken up the rally to a large extent.
-
The latest price action flashes the possibility to go long to breaching the interim hindrance and soar high.
XRP price appears to be coiling up before setting up an explosive move, nullifying the prevailing bearish actions. The XRP price had soared high with speculation of the closure of the Ripple vs SEC lawsuit by the end of Q1 2023. However, it failed to happen which may be one of the reasons for the recent drop in the XRP prices.
The judgment of the lawsuit is very close due to which the investor’s interest in the token has increased in recent times. After breaking out from the multiyear symmetrical triangle, the XRP price continues to consolidate within the bullish range, flashing bullish signals in the long term. Presently, the token is encountering heavy resistance around the summer 2022 top and heading to test the upper trend line.
Also Read : XRP Price Prediction 2023, 2024, and 2030: Here’s What Analyst Predicts
The XRP price after testing the major resistance area has faced a minor pullback from the interim resistance. However, one can expect the price to trade within a narrow range for a while before it undergoes a bullish breakout to reach the local top of around $0.70. If the price successfully secures levels above $0.7, then a notable upswing may rise it towards $1 and revive the bullish trend ahead.
Also Read : Ripple Price Prediction 2023, 2024, 2025: Will XRP Price Reach $1 By The End Of 2023?
On the contrary, in case of a bearish reversal, the XRP price may plunge below $0.5 to reach levels around $0.48 to $0.47 and try for a rebound. However, the ADX and RSI continue to remain bullish despite bearish influence which flashes huge bullish signals for the coming days.
