Price Analysis

This is When XRP Price May Trade Above $1 Without Fear of a Pullback!

Written by: Sahana Vibhute

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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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Mar 17, 2022

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Highlights

    XRP Price is yet again testing the crucial levels aiming to nullify the bearish trend but the bears also try hard to restrict the rally within the descending trend.

    The path towards $1 appears to be quite set as a healthy consolidation around the current levels followed by a significant breakout is imminent

Ripple’s XRP price yet again received a strong boost which uplifted the price above the pivotal levels. However, a breakthrough cannot be validated as the possibilities of the asset re-entering the zones surfaces. Therefore, it is mandatory for the asset to test and secure some upper levels to continue surging towards $1.

XRP price is trending within a huge descending channel for a very long time, and each attempt of slicing through the descending trend went in vain. However, despite the price jumped high close to the upper resistance of the channel, the possibility of a minor pullback haunts the rally. And hence the target which is currently a milestone around $1 is still pretty much distinct. 

Also Read: Altcoins Rally : CELO, SAND, RUNE Price Soar High, Will They Face a Strong Pullback?

The XRP price in the long term showcases the possibility of a notable breakout as the asset is testing these levels again and again. However, observing closely, the price is mirroring a similar trend during the end of August 2021. The asset after a consolidation after spike plunged towards the lower support. And hence the price may find support again in case of a delay in maintaining an upward trend. In the short term, the asset is on the verge to manifest a fakeout. 

However, the buyers are struggling hard to uplift the price above the resistance levels. The current consolidation has compelled the XRP price to form a bullish flag. And hence in the short term, the asset is expected to break through the consolidation and secure positions above $0.8. Further, another swing above $0.9 may attract the bulls who may later uplift the price close to $1 initially and further towards the higher target levels. 

Also Read: No Bitcoin ATH in 2022, BTC Price May Trade Within $30k-50k This Year!

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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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