After the recent upswing, the crypto space has begun to consolidate within a narrow range. As the Bitcoin price dropped close to $40,000, the XRP price also plunged heavily, close to $0.5 from the daily highs of around $0.64. With the upcoming price action, the XRP price is expected to break above the pivotal levels, which may push the price beyond a 2-digit figure soon.
The XRP price has been highly volatile ever since the final judgement of the Ripple vs SEC lawsuit made huge rounds within the space. However, the recent pullback had dragged the price to its initial levels, but a quick rebound halted the bearish actions. Now the XRP price has reached crucial ranges that suggest the bulls are attempting to elevate it to a large extent.
In the monthly timeframe, the XRP price has been exhibiting its reluctance to maintain a descending trend despite the increasing selling volume at regular intervals. The bulls manifested their strength, and after squeezing the bears, it seemed that the time had come for a massive upswing. Previously, just before the 2018 bull run, the price traded within a symmetrical triangle, and after crashing the bears, a massive bullish candle appeared that elevated the price towards its highs above $3.
A similar pattern appears to have formed at the moment as the markets witness the liquidation of both longs and shorts during the previous day’s trade. However, the MACD is in favour of the bulls, which is about to experience a bullish crossover in the monthly time frame for the first time since September–October 2020. It indicates that the XRP price is close enough to initiate a healthy upswing that may elevate the price beyond a 2-digit figure in the coming years.
