Price Analysis

Ripple’s XRP Price Flips The Bears, How High Will It Rally?

Highlights

    After a steep long plunge, the XRP price is gaining lost momentum required for an uptrend

    The price after a rebound before strong support levels at $0.6, aims to form higher highs around $0.7 initially and at $1 subsequently

Ripple’s XRP price rally has been one of the amazing rallies ever. As the price seems to experience a constant fluctuation without being stagnant for more time. As the entire crypto space gained enough bullish momentum since the beginning of 2021, many assets have fallen to their knees now. Moreover, many maintain a stagnant trend without much volatility. 

Yet the XRP price, despite multiple rejections, kept on attempting to jump higher. The price chart indicates tough competition among the bulls and the bears throughout the rally. And hence the volatility with the price was also considerably high, no matter the price pumps or dumps. 

Also Read: XRP Price Analysis : XRP is Going to Kill it This Year! Says Popular Analyst

In the present scenario, XRP price underwent extreme selling pressure since the early trading hours. In fact, the plunge was expected to revisit the local lows around $0.6. Yet the price regained momentum and initiated an uptrend. 

xrp chart

Interestingly, the trading volume jumped from just 2% to more than 14% in just a couple of minutes, registering more than $2.3 billion. The induced liquidity uplifted the price above $0.63 levels, marking a strong uptrend. 

Currently, the need of the hour is to smash the strong resistance levels around $0.66 and maintain in order to form higher highs. Else the plunge could be more drastic which could drag the XRP price below $0.5.Therefore a sustained uptrend could boost the Ripple price rally that could also hit $1 in the coming months.

Also Read: Ethereum Price Feared To Fall In Deep Wells, Will It Let Go $2000 Levels?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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