The crypto markets are consolidating! The Bitcoin price that surged above $66,000 is currently trading around $65,500. This move has instigated strong bullish momentum as the XRP price, which failed to breach above $0.6, is about to validate a move above the range. However, the price has always failed to breach the resistance and hence another rejection may flash bearish indicators for the rally.
The XRP price was consolidating below $0.6 ever since the price rebounded from the lows of around $0.52 during the first fortnight of the month. Nevertheless, the token has triggered a strong rise above the crucial resistance zone between $0.5933 and $0.5975 and again tested the interim target at $0.6106. With this, the bears seem to have become active, and the price fails to breach above the descending resistance.
The supertrend has flashed a bullish signal for the first time this month as the price is attempting to break above the range. On the other hand, the +Di has triggered a rebound before undergoing a bearish crossover against -Di, suggesting the Bulls have reclaimed their dominance. However, the volume remains consolidated within a range, indicating the volume is heading towards extreme compression.
Besides, the upcoming weeks could be extremely bullish as multiple events are lined up. Firstly, Grayscale’s XRP Trust is now live, while XRP ETF also appears to be a ‘real possibility’. Besides, the deadline for an appeal is also fast approaching in the Ripple vs SEC lawsuit, which may offer a strong boost to the stagnant XRP price. These could be the possible reasons to be bullish on XRP, while the possibility of a pullback could also make some room.
