The XRP price has been displaying extreme strength for nearly a year now, with less impact from the market trends. Moreover, since the beginning of the year 2023, the prices have remained elevated as the XRP Army became extremely bullish on the price.
The main reason is said to be the outcome of the Ripple v. SEC case, which is expected to be in favor of the company. Meanwhile, the price is sustaining well above the trend line and is believed to explode after an extensive compression.
After a bullish start to the year, the bears have largely influenced the XRP price in the short term. The bulls and the bears are manifesting acute strength at the moment, but the trend continues to remain in the bearish direction. The volume has dropped, due to which it is not above the descending consolidation. However, extreme compression usually leads to a major breakout, which may be expected in the present case.
As mentioned before, the price is trading within a bullish trend in an ascending triangle. The price has rebounded each time it visited the lower support, and hence a similar price action is anticipated at the moment.
Besides, the RSI is trading parallel, which indicates that consolidation may prevail for a long time. However, the ADX, which determines the strength of the rally, is bullish, which signals a healthy upswing could be imminent.
Despite all this, the XRP price is subjected to consolidation slowly and within a narrow region until it reaches the apex. It may consume more time than expected, and it may collide with the timeframe of the final filing, which may be by the mid of August. This may act as a major trigger for the XRP price to rise above the consolation and lay down a fine upswing beyond the $0.55 to $0.6 range.
