News

XRP Price Bounced Back, Is It Done With the Consolidation?

news-image
Highlights

    XRP price was gearing up for the past couple of days to accumulate a strong momentum to flip the bearish divergence

    The price successfully rejected the lower support levels in the early trading hours, exhibiting the capability of a massive uptrend

Consolidation to Continue for 7 More Days!

XRP price in recent items is exhibiting strong determination of not plunging below certain levels. Moreover, despite multiple pullbacks, the price traded close to $0.44 levels since the beginning of this month. Hence the Ripple’s native token XRP may shoot up with a large margin in the coming days. 

Advertisement

Adding to the substance, the price since the start of February 2021, appears to have trending within an ascending triangle. And currently, the price is heading strongly and steadily to break the upper resistance levels. However, according to analysts and XRP promoter CryptoBull2020, the XRP price may continue with consolidation for another weeks time.

On the successful completion of the consolidation phase, the price may spike soon hitting the yearly highs around $0.6 as predicted by EljaBoom, analysts and founder of Ajoobz.com. 

Also Read: XRP Price Poised to Flip the Bearish Momentum!

XRP Price Analysis

The XRP price since the beginning of this month has showcased a sense of stability, eliminating extreme surge and plunge. The price traded within a narrow range in between $0.4 to $0.5 at the times when the major crypto assets experienced a free-fall.

The trading volume had depleted since the massive plunge in the past month. However, a considerable spike in the volume gave a pretty good push to the price that rallied rejecting the strong support levels. Despite the surge, the price at the press time failed to sustain above $0.5 levels, yet plunged back below. 

xrp price rebound

At the time of writing, the XRP price is $0.4815 with a massive jump of 9.94% compared to the last trading day. The price may have rejected the support levels, yet also failed to sustain above $0.5 levels also. Therefore a strong rebound above these levels is the need of the hour.

Technical Specifications

  • The resistance levels stand at $0.501
  • The support levels stand at $0.401
  • The indicators for the XRP Price point out towards a buy signal

Also Read: XRP Price Poised to Retrace! Is Price Action to $0.65 Imminent?

Tags
Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

Related Articles

Back to top button
Close
Close