7.6 C
February 27, 2024
BTC Hunts
Image default

Here’s the Ultimate XRP Price Game Plan for the Upcoming Bull Run!

The post Here’s the Ultimate XRP Price Game Plan for the Upcoming Bull Run! appeared first on Coinpedia Fintech News

The XRP price has gained the spotlight ever since the company, Ripple, was sued by the SEC, a couple of years ago. Since then, the price has faced extreme conditions, including a drought in volume. Now that Ripple has registered a huge partial win against the SEC that merged with the exchanges relisting the token, XRP has experienced a rise in its value and also adoption 

Unfortunately, the impact of the win over the SEC appears to be fading largely, as the prices have shed nearly 35% of the value gained from their initial levels. Although, the market conditions also support the bearish narrative, the bullish strength of the XRP has faded, substantially. Meanwhile, in the long term, the XRP price appears to be on a path toward the next bull run that may lift the price above the current ATH. 

Source: Tradingview

Considering the other way around, after the recent victory, a lot of bearish sentiments and speculations surrounding the token have faded. As seen in the above chart, the XRP price in the long term is trading within a rising parallel channel where the top two resistance lines are direct copies of the bottom support line. Therefore, as the current trade set-up suggests, the price is preparing to shed some more of its gains and reach the lower support of the channel. 

Further, a massive bounce is expected to follow, similar to what happened during the previous rally. Here, the XRP price is believed to soar high to mark a new ATH close to $7 which may again be followed by a huge crash, probably below $1 over the next couple of years. Therefore, XRP may certainly be bearish in the short term, but in the long term, it appears to be extremely bullish.

Related posts

Bitcoin SV And Bitcoin Cash Gain Big Amid BTC’s Consolidation! Are BSV And BCH Prices Set For Correction?

David Bradley

Ethereum Whales’ Selling Spree Sparks Worries for ETH Price

David Bradley

This Altcoin Makes a Strong Recovery, Will it Ignite a Strong Recovery After the Recent Crypto Crash?

David Bradley