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XRP price appears to embrace a self-sufficient price movement which don not get impacted by the pumps and dumps of the other cryptos
XRP Price Setting the Plot to Rebound
Ripple’s utility token XRP, is well-know to trend within the consolidating zone quite often. After a slight surge, the price usually consolidated for a while, yet in the current scenario, the XRP price seems to be ready to explode.
The price, however, was trending below $0.5 levels for more than a week until the latest SEC-Ripple hearing created a huge buzz. The unclear stand of the SEC on the crypto exchanges lead to the birth of a campaign to relist XRP in many parts of the world.
With the extreme bullish market sentiments, the XRP community attempted hard to uplift the price to the next level. And they were quite successful, yet a slight correction hindered their way. Yet, at the press time, the XRP price is attempting very hard to sustain above $0.55 to keep the bullish momentum intact.
At the time of writing, the XRP price formed an ‘M-Shaped’ pattern and also broke the neckline diverging towards the north. Hence manifesting an uptrend after a small and healthy correction. The price is expected to revist the levels around the yearly highs above $0.6 in a coming couple of hours.
What’s the Next Set Target
The rally is expected to head towards breaking the levels at $0.78 as predicted by analysts Elja Boom. The founder and CEO of Ajoobz.com also said that, after these levels are attained, the price may experience a slight rejection. But if the RSI indicators move within the bullish range, then the biggest altcoin season will be fast approaching.
At the time of writing, the XRP price is $0.5712 with a jump of 10.12% in the past 24 hours. Currently, breaking the pivotal zone at $0.59 is the prime focus, post to which the bull rally may get intensified. On the contrary, the support levels at $0.54 and $0.5 are not strong enough to withstand and hence visiting these levels may initiate a plunge.
The market sentiments are however bullish as the RSI indicators also bouncing back after a slight dip. The technical indicators also point towards a buy signal and hence the Ripple’s XRP price rally is expected to form new yearly highs soon.