4.4 C
Manchester
April 20, 2024
BTC Hunts
Image default
Bitcoin

Ripple Price Analysis: Bullish Trade Setup, But Will XRP Display Strength?

The post Ripple Price Analysis: Bullish Trade Setup, But Will XRP Display Strength? appeared first on Coinpedia Fintech News

XRP price has gained huge traction in recent times due to the ongoing Ripple vs SEC lawsuit and the demand to relist the token on US-based exchanges, specifically Coinbase. Nevertheless, the price continues to play at its own pace as no strong base has been identified that may hold the price in times of an acute bearish trend. Therefore, the price is accumulating strength, avoiding redistribution at the moment. 

The XRP price has been trading within a very narrow range ever since the FTX fiasco, back in November 2022. However, since the beginning of the yearly trade, the price has flipped the bearish trend to a large extent, signifying the growing strength. Therefore, once the price breaks above the decisive phase, the rally could surge high enough to reach beyond $0.5 in the next few days. 

Trading View

The XRP price has recovered within a critical symmetrical pennant and is waiting for the bullish push needed to break through the consolidation. As volume gradually increases, the possibility of a bullish breakout emerges, as a few technical indicators have flashed buy signals. The RSI broke out of the descending parallel channel, while MACD in the daily chart displays a drop in selling pressure. Moreover, the Average Directional Index (ADX) displayed a bullish divergence. 

Therefore, the XRP price is believed to maintain a steep upswing and slice the upper resistance of the triangle and reach $0.41. Further, the price may encounter a couple of hindrances at $0.44 and $0.51. Surpassing these levels is believed to kick-start a notable rally above $0.6 that may even uplift the price above $1 somewhere in Q2 or Q3 2023. 

Related posts

Quebec: ‘We’re Not Interested’ In Bitcoin Mining Without ‘Added Value’

Team BTC Hunts

Dogecoin And Shiba Inu Gain Big As On-Chain Metrics Support Momentum: Here Are The Next SHIB And DOGE Price Levels

David Bradley

Bitcoin Transaction Volume Hits Two-Year Low, Despite Rock-Bottom Fees

Team BTC Hunts