Ripple Continues to Maintain a Consolidated Trend, Can it Reach $0.7 in April 2024?
Headlines

Ripple Continues to Maintain a Consolidated Trend, Can it Reach $0.7 in April 2024?

The crypto markets close the quarterly trade within a consolidated range, as the bears have had a significant hold over the markets. While the BTC price is struggling to sustain above $70,000, the altcoins are also finding it extremely difficult to maintain an ascending trend. Meanwhile, popular altcoins like Ripple (XRP) are manifesting the possibility of undergoing massive price action while the direction remains unclear.

Throughout the past month, the XRP price has been maintaining a sideways trend, failing to surpass and sustain above $0.65. The long-term price action remains bullish, with the levels forming constant higher highs and lows in the weekly chart. This suggests the bulls are holding significant strength within the rally and may maintain a similar trend for the next few weeks. 

As mentioned above, the XRP price is trading along the ascending trend line, which has been acting as a major support for a long time. The RSI is hovering around the average range, suggesting an equal participation of the bulls and the bears at the moment. While the volume is trying to sustain itself within the average levels, indicating the growing attention of the traders over the platform. With this, the ascending consolidation may continue until the price reaches $0.9, while the targets may remain bearish for April around $0.55.

The daily chart suggests the price is due for a minor pullback, however, the Gaussian channel remains bullish, which keeps up the hope for a healthy upswing. Besides, the MACD is close to triggering a buy signal, which may lift the XRP price above $0.65 initially and if the bulls display strength, then a surge above $0.7 could be imminent. Moreover, the upcoming Bitcoin halving is expected to be extremely bullish for the entire crypto space and hence a positive trend could prevail. 

Related posts

Toncoin (TON), VeChain (VET), And Rate That Crypto (RTC)

EdaFace Admin

Cronos (CRO) Price Due for A 20% Upswing, Will the Price Hit $1.5 This Week?

EdaFace Admin

Legal Expert Suggests SEC Could Lose Coinbase Lawsuit

EdaFace Admin

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More