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May 22, 2024
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Here is What’s Next for XRP Price and All These Altcoins: Will the Bullish Momentum Kick-In?

The post Here is What’s Next for XRP Price and All These Altcoins: Will the Bullish Momentum Kick-In? appeared first on Coinpedia Fintech News

Ripple (XRP) Price Analysis

Although the XRP price has been maintaining sluggish behaviour, the trend in the long term remains largely bullish. The price has been forming constant higher highs and lows, indicating the growing strength among the bulls. While the short-term prospects display no major variation, the HTF trade set-up displays a huge possibility of a bullish breakout in the coming days. 

The price is rising slowly and steadily within an ascending triangle, along the lower support, with a drop in volume and volatility. The XRP price took over a year to surge by over 115% and reach the current levels from the lows below $0.35. Hence, it indicates, that the price could maintain a consolidated upswing for the rest of the year, while broader market sentiments may have a smaller impact on the rally. Therefore, the XRP price could maintain a consolidated upswing and may take more time than expected to reach the crucial resistance at $0.85. 

Uniswap (UNI) Price Analysis

The Uniswap price has been trading within an extended consolidation phase for over 20 months, which resulted in a bullish breakout. The UNI price soared by over 185% within a few weeks and reached a high of around $16.98. Unfortunately, the price soon fell into a bearish trap, which witnessed a massive pullback since the beginning of the week. Besides, the price is approaching one of the crucial support levels, which may have a huge impact in the coming days. 

UNI price appears to be close to falling into a steep bearish trap as the technicals have turned bearish. After remaining within the lower range since 2022, the MACD had just soared within the bullish range as the buying pressure had slightly piled up. Unfortunately, the consecutive weekly bearish candles, have turned the technical bearish as the indicator is about to flash a sell signal. Besides, the RSI is maintaining a steep descending trend which indicates a massive drop in the strength of the rally.

Therefore, the Uniswap (UNI) price could probably reach the lower support at $8.5 and if the bulls display strength, a rebound may materialize, or else a bearish pullback could bring the levels back to their initial levels.  

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