Price Analysis

XRP Price Poised For A 20% upswing, Will it Make It To $1.5?

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Highlights

    XRP price continues its narrow trend with minor fluctuations indicating a reduced network activity off-let

    Technicals suggest a massive breakout fast approaching for the asset yet the pattern breakout could take a couple of days more

XRP price continues to trend within the same range that it followed since a weak. Moreover, it appears that the momentum of the asset has weakened as the margin has also narrowed to a larger extent. Yet it could also be a final accumulation before a massive leg up, yet still, confirmation is awaited. 

The asset, since the recent sell-off managed to stay strong above $1 and hence keeping the hopes for a notable bull rally alive. As mentioned earlier, the price could break out very soon but some factors may pull back the rally to a still position. And moreover, the narrow trend could continue for a while until the price comes close to an outcome.

Also Read: Ripple and Coinbase on SEC Radar! Garlinghouse Slams Gensler Over Testimony

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The price is currently swinging within a symmetrical triangle, moreover, it’s approaching the upper barriers. Currently, the XRP price can either break through the triangle and head towards the upper resistance. Else, the narrow trend could continue for some more time until it reaches its peak. In such a case, the direction of the breakout could be hard to determine.

However, after pretty much consolidation, the price tends to smash the upper resistance soon. Moreover, the updates from the Ripple & SEC case can also provide a substantial boost to the XRP price. Currently, it’s mandatory for the price to break above the triangle and if not trend with the triangle. Yet the sufficient and growing trading volume could squash the bearish narrative.

Also Read: Cardano Price Could Hit $20 Milestone! But How & When?

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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