The XRP price just broke the resistance at $0.6 and moved up after being uncertain for over a week. The market participants appear to have showered their confidence in the token, due to which the buying volume easily surpassed the selling pressure. The buyers appear to have become more vigilant as soon as the speculation of a possible settlement in the Ripple vs. SEC lawsuit intensified. With this, the traders appear to have become optimistic, as a settlement would squash the uncertainty surrounding the penalty that Ripple has to pay for the violations.
The growing positive sentiments within the crypto markets have induced a significant bullish momentum within the token. After consolidating for over a couple of months, the XRP price has risen high to test the upper resistance of the multi-year decisive triangle that it has struck since the 2021 bull run. While the other major tokens have regained more than 60% to 70% of the losses incurred during the 2022 bear market, the XRP price fails to attract bullish forces.
Regardless of this, the XRP Army appears to be extremely bullish on the XRP price and hence a 20% upswing could be fast approaching in the coming days.
As mentioned above the XRP price is stuck within a decisive symmetrical triangle and is currently testing the upper resistance. Although, the price has triggered a huge upswing, but a bullish daily close above $0.65 may turn the tables for the XRP price rally. This move may cause the price to enter the crucial resistance zone between $0.66 and $0.71. Here the bulls are expected to face a drop in strength which may compel the price to consolidate within the range.
With this move, the supertrend may flip to bullish as the price is about to hit its levels. On the other hand, the RSI maintains an incremental trend that promotes bullish dominance over the token in the long term. Therefore, the XRP price is primed for a 15% to 18% surge in the next few days, which may revive the hopes of reaching $1 before the end of Q3 2024.
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