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April 19, 2024
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Ripple (XRP) Price Breaks Above the Multi-Year Consolidation: Here is What it Means for the Crypto Space

The post Ripple (XRP) Price Breaks Above the Multi-Year Consolidation: Here is What it Means for the Crypto Space appeared first on Coinpedia Fintech News

The XRP price has maintained a steep ascending trend ever since the token rebounded from the March 2020 lows. The price further went up by more than 1000% and also encountered a drastic bear market, losing over 80% of its gains. Regardless of the bullish or bearish trend prevailing within the market, the XRP price held the lower ascending trend line, which has been acting as a strong support since then. Now that the price has soared beyond its bearish reach, the token is believed to mark a dollar milestone anytime from now. 

The XRP price jumps by over 20% in just a few hours, aiming to reach levels above $0.8, which may occur anytime from now. With this, the optimism around XRP has surged as the token lands up as one of the top performers compared to the last several days, largely driven by memecoins. After remaining behind the crypto market trends for a long time, the XRP price has finally triggered a bullish trend. 

Now the question arises whether the XRPArmy is late for the party or whether the market participants have just shifted their focus over the top altcoins like XRP.

The XRP price has been trying hard to break above the upper resistance channel, multiple times and the latest bullish momentum has accomplished the task. Besides, this, the price has formed a double-bottom pattern within a decisive symmetrical triangle. This suggests the price is about to trigger a massive upswing, which could lift the levels beyond the 2021 highs at around $1.98. 

The weekly RSI is in favour of bulls and hence the XRP price is believed to maintain a healthy upswing and achieve the interim resistance at $0.77 which could pave the way for the price to rise above $0.8. Before marking new highs above $0.85, the price may remain consolidated for a while which may be followed by a bullish breakout beyond $1. This may validate a rise above the bearish claws and help the price to rise close to its previous ATH with the bull markets strengthening every day.

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