The price is expected to break the upper resistance levels at the earliest to keep up the bull run intact
XRP price successfully smashed above $1 and sustained within the regions from past couple of days\
XRP price in the early trading hours had risen above the upper barriers and broke out from the ascending triangle. However, the price soon experienced another dump, which still maintained along with the lower levels of the triangle.
The price which was attempting very hard to close the monthly trade above $1, yet failed to do so. The price plunge depleted the XRP’s bullish momentum and hence entered a phase of a healthy consolidation.
However, the XRP price may rally higher than the current levels once done with the consolidation. According to an analyst Blockchain Backer, XRP shorts have been liquidating at a greater pace and hence a healthy bounce back may be on the cards.
The analyst also said that the whales are buying the positions left by the weak hands and even accumulated more during the recent crash. And the XRP longs are notably low, lowest in the past 4 years. Therefore, the current pullback may be due to these XRP shorting, yet the longs which have just HODL their positions
XRP Price Analysis
XRP price had the most unfavoured monthly close. Although,, the price again revisited the lower most levels, yet it rebounded within no time. Accumulating as much as the green candles, in the past couple of days, XRP price appears to have sustained above $1 comfortably.
Despite the narrow trend, the trading volume appears to be huge which may be a major factor for the sustained price. However, currently the price is required to surge forward towards the next set targets, else the previous levels around $0.8 would be imminent.
- The resistance levels are at $1.08
- The support levels are at $0.97
- The indicators are currently neutral
- At the press time the XRP price is $0.9982 with a jump of 0.93%