After Bitwise, Canary Capital Group filed for the XRP ETF, which has circulated bullish waves across the markets. On the other hand, the trading volume of the token has been constantly dropping, keeping the market participants hazy about the next price action. However, similar to the other popular tokens, the XRP price is trading within a tight range and hence is believed to manifest a broader price action following the market trend.
Presently, the Bitcoin price rally is stuck within a similar range, which suggests both bullish and bearish possibilities. Reflecting a similar pattern suggests the XRP is also bound to face a similar price action in the coming days. However, the token has withstood enough bearish activity and hence it may be time for a significant upswing in the coming days.
The market sentiments do not appear to be in bullish favour, and as a result, the XRP price seems to have stuck within a bearish well both in the short term and long term. The weekly chart displays a rising tendency on the left side while a dropping tendency on the right. The last week produced a strong bearish candle, which indicates a potential trend reversal could have just begun as it marks a long-term lower high.
From a broader perspective, the 2022 low is still untested and there is too much support before getting here. This suggests that the price may reach the lower support of the channel at $0.42 and rebound, which appears more likely or could breach the level and reach $0.36 or lower. The weekly MACD suggests the bearish claim as the buying pressure has reduced to a large extent and the levels are about to undergo a bearish crossover.
Therefore, the XRP price is believed to be prone to more correction in the coming days and once it’s done, it may remain elevated for a longer time frame.
