After rebounding from the lows a couple of days ago, the XRP price is consolidating within a narrow range. With this, the token is believed to close the weekly trade within the accumulation, while a large price action could also remain restricted until the monthly close. The main reason could be the drop in bullish attention, as the volume has constantly plunged ever since the price lost the crucial levels around $0.55.
The drop from $0.55 was extremely unfortunate for crypto, as the bears appear to have capitulated to these levels, preventing an upswing above $0.535. With fewer hopes of a bullish upswing, it’s interesting to watch if the volatility could rise in the next 3 to 4 days. With the crypto space heading towards the first monthly close of the year, market participants expect a decent rise in their value.
Now the question is whether the XRP price will reach $0.55. If so, can it close the monthly trade above these thresholds?
Although the XRP price has broken down from the decisive symmetrical triangle, the bulls are trying hard to find a base to trigger a healthy rebound. The technicals are displaying a bewildered trend as MACD is about to flash a ‘buy’ signal but the moving averages are indicating the start of a bearish trend. The 200- & 50-day MA levels are about to undergo a bearish crossover, which may trigger a fresh descending trend. With this, there is the possibility of a retest of the levels around $0.52.
Now that the price is approaching the monthly close, the volatility is expected to increase. As the bearish clouds hover over the XRP price, achieving $0.55 at the monthly close could be a tedious job. However, the markets have been largely unpredictable in recent times and an unexpected action may also propel the price towards its target.