The crypto markets are gearing up for the launch of the spot Ethereum ETF as the ETH-based tokens are gaining acute strength. Meanwhile, the other tokens are consolidating as the Bitcoin price slashes close to $66,500. On the other hand, the other tokens are also preparing for a massive upswing while the XRP price remains consolidated within a range. Moreover, the price is failing to attract bulls, which raises the concern that the XRP price is dead.
Considering the trade since the second half of 2022, the price traded along the ascending trend line that acted as a strong support. Besides, the weekly chart since the 2021 bull run suggests the price is about to face a rejection from the resistance. This move may keep the price consolidated within the decisive pattern which also raises the possibility of plunging below $0.5 if bulls fail to display strength in the next few days.
The weekly chart suggests the price is trading within a decisive symmetrical triangle and is about to validate another rejection from the resistance. If the price fails to close the weekly trade on a bullish note, then the token may face a fresh pullback which may drag the levels back below $0.5 as the Supertrend has just flashed bearish signals. Besides, the DMI or Direct Movement Indicator underwent a bullish crossover earlier, but now it appears the +Di & -Di may undergo a bearish crossover.
Luckily, the ADX, or the Average Directional Index which measures the strength of the rally, is about to test the lower threshold. Hence, there is a possibility of a bullish rebound, which may increase the strength in the coming weeks. Until then, the XRP price is expected to consolidate within the decisive triangle. Moreover, this consolidation is expected to prevail till the end of the year, which is also the apex of the triangle, which could be followed by a huge breakout. Meanwhile, the direction of the trend could highly depend on the volume dominated then.
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