February 8, 2023
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Crypto Market Analysis: With the Biggest Bitcoin Rally in 9 Months, Here’s What to Expect with XRP Price!

The post Crypto Market Analysis: With the Biggest Bitcoin Rally in 9 Months, Here’s What to Expect with XRP Price! appeared first on Coinpedia Fintech News

The crypto bulls are back with a bang as the global crypto market cap is an inch close to regaining levels beyond $1T. XRP price which was manifesting a sense of strength despite the bearish trap drag it to meet the lows below $0.3. However, the recent bullish divergence caused the price to rise significantly and mark the highs above $0.4 in a short while. 

While the bears are attempting to restrict the progress of the rally, the bulls appear to be poised to keep up the momentum until the price reaches $0.5. 

XRP Price Analysis – Short-Term (1D)

Trading View
  • XRP price has been bullish since the beginning of 2023 which was fueled by the rising market sentiments during the past weekend
  • After a magnificent surge of more than 20% in the past week, the XRP bulls appear to have exhausted to some extent at the moment
  • The bears are attempting very hard to strengthen the bearish influence but the mounted bullish pressure may not allow doing so
  • However, the XRP bulls are required to rise the price levels above the price zone marked in blue to avoid any rejections in the near future
  • A daily candle beyond $0.42 may certify the upcoming bullish trend, else a deep dive to $0.3 also appears prominent

XRP Price Analysis-Long Term (1W)

Trading View
  • The XRP price in the longer time frame has risen above the bearish pattern and tested one of the crucial resistance levels at $0.405
  • Clearing the resistance of the descending triangle flashes extreme bullish signals that may elevate the price close to $0.5 
  • However, a minor bearish action may be expected at these levels but a significant bullish reversal could also knock-in later
  • However, the monthly close of the XRP price is required to be beyond $0.6 may invalidate the bearish thesis 
  • On the contrary, a drop toward $0.32 may discard the bullish trajectory in case of a rejection which appears quite unlikely at the moment

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