The popular token, XRP is struggling hard to stabilize a fine parabolic recovery, but the recent price action compelled the price to maintain a sluggish, sideways trend. The latest move, however, compelled the price to surge above the crucial resistance at $0.54, from where it faced a couple of rejections in the recent past. With the Bitcoin (BTC) price reaching new yearly highs, is it a good time to buy altcoins like XRP?
After rising from the pivotal resistance zone, the XRP price marked the interim highs at around $0.5860. Despite lower selling pressure, the price continued to drop and currently reaches levels slightly above $0.55. Now that Bitcoin ETFs are on the cards, the markets are about to experience one of the biggest bull markets in history. With this, a huge influx of liquidity is expected in the alts, and they are expected to outperform in terms of the percentage of their rise.
Therefore, this could be the major reason why the XRP price is primed to trigger a breakout in the next few weeks.
After the recent upswing, the 67-day resistance has now transformed into strong support for the XRP price. Despite a breakout from these levels, the token has not displayed a confirmation of a sustained upswing as the volume dropped massively. The price is defending the pivotal support levels, and after a brief consolidation, the price could be primed to surge high.
The token could be in play only when the price surpassed the validation level at $0.5785 and reached the first target at $0.59. This could lift the price beyond $0.6, which may flash extreme bullish signals for the crypto. Further, a final rise above the third target at $0.63 may certify the start of a strong upswing.
Therefore, the next couple of hours appear to be extremely crucial as if the XRP price fails to hold the support and drops, then the bullish trajectory will be invalidated.
