Decoding the Possibility of XRP Price Achieving $1 While the Markets Remain Stuck Within a Bearish Well
The post Decoding the Possibility of XRP Price Achieving $1 While the Markets Remain Stuck Within a Bearish Well appeared first on Coinpedia Fintech News
XRP price is often seen to undergo massive price action in the long term. Some have been speculating a monstrous rally with the price targets elevated beyond a two-digit level. However, the price, till now, has not displayed any major price movement as the short-term trade always remains either consolidated or under a bearish influence.
With the current trade setup, can the XRP price reach $1?
The last time the XRP price displayed extreme volatility was when the Ripple vs. SEC lawsuit’s outcome turned in favour of the company. However, the token has become extremely volatile since then but has failed to surpass $0.75 after being rejected from the $0.85 level. However, the current trade setup suggests the price is preparing for a fresh upswing as the rally is consolidating as it did a month ago.
The XRP price has been hovering between $0.75 and $0.46 for over a year, with some variations on either side. Unfortunately, the recent pullback has caused the price to drop below the range while the bulls are trying hard to trigger a strong rebound. Moreover, the bulls appear to be accumulating strength as the levels are stuck within a range. Besides, the volume continues to drop, which appears to be dominated by the bears but displays a hidden bullish dominance.
The buying volume remains below average, while the bulls remain pretty active, as they have held levels above $0.48 amid the growing bearish pressure. The stochastic RSI remains stuck around the lower support, due to which the levels remain stuck within a narrow range. Previously, the price maintained a sideways trend for a while, which was followed by a massive pullback.
Now that the markets are experiencing excessive selling pressure, the possibility of a fresh descending trend could knock into the markets. However, the bulls appear to have been exhibiting extreme strength, as the candle has formed a long wick, suggesting the notable participation of the bulls. Therefore, in the coming hours, the XRP price is expected to trigger a healthy rebound to rise above $0.55 initially and later to $0.6.
If the bulls manage to sustain above the range and display some strength, a rise above $0.7 could be imminent. However, this could consume more time than expected, which needs to be accompanied by massive buying pressure. With these trading conditions, the XRP price may reach $1, otherwise, the rally may remain stuck below $0.75 for a long.
Filed under: Bitcoin - @ April 19, 2024 7:17 am