XRP Price seems to have approached the final stages of accumulation as a significant move may be underway
The price needs to rise and sustain above $0.58 levels in order to head towards the initial target at $0.6 and later at $1
The XRP price nowadays is constantly forming lower highs, trending within the descending channel. Interestingly, the price is attempting hard to move out of the descending channel and waiting for a larger boost. However, a substantial bounce from here could push the price towards the $0.6 zone, including some dumps.
Despite, a small win for Ripple in the lawsuit against SEC, yet the price could not get sufficient bounce from the current levels. And hence still stuck up within $0.59 to $0.57 levels from a couple of days. The price does not show a clear indication of a bull run, but some signals point out towards an upcoming surge.
Currently, the XRP price is trading within descending channel and trending within the upper half of the channel. Initially, the price movements were huge that hit both the upper and the lower levels of the channel. As the volatility diminished, the candles also were reduced in size. However, the volume remained constant through the rally, irrespective of whether it’s for buying or selling.
In the coming days, one can expect considerable growth for the asset that may lead towards breaking the upper barrier of the channel somewhere around $0.6. Moreover, the price is still following the ascending parallel channel since it initiated the rally in November 2020. And hence signalling towards a probable breakout soon.
Currently, the prime focus would be on the XRP price to raise and sustain above $0.58 minimizing the selling. A major update Ripple & SEC lawsuit may also have a major impact on the price. For example, the settlement or ruling order in Ripple’s favour may lead to relist the asset on major platforms. And hence, this will help the price to jump above $1.