Crypto Market Analysis: With the Biggest Bitcoin Rally in 9 Months, Here’s What to Expect with XRP Price!
Bitcoin underwent a massive upswing, rising the entire crypto space beyond their respective multi-month resistance levels
The bullish momentum prevailing within the space uplifted the XRP price close to the pivotal resistance at $0.4 and a clear breach beyond these levels may ignite a minor bull run soon
The crypto bulls are back with a bang as the global crypto market cap is an inch close to regaining levels beyond $1T. XRP price which was manifesting a sense of strength despite the bearish trap drag it to meet the lows below $0.3. However, the recent bullish divergence caused the price to rise significantly and mark the highs above $0.4 in a short while.
While the bears are attempting to restrict the progress of the rally, the bulls appear to be poised to keep up the momentum until the price reaches $0.5.
XRP Price Analysis – Short-Term (1D)
- XRP price has been bullish since the beginning of 2023 which was fueled by the rising market sentiments during the past weekend
- After a magnificent surge of more than 20% in the past week, the XRP bulls appear to have exhausted to some extent at the moment
- The bears are attempting very hard to strengthen the bearish influence but the mounted bullish pressure may not allow doing so
- However, the XRP bulls are required to rise the price levels above the price zone marked in blue to avoid any rejections in the near future
- A daily candle beyond $0.42 may certify the upcoming bullish trend, else a deep dive to $0.3 also appears prominent
XRP Price Analysis-Long Term (1W)
- The XRP price in the longer time frame has risen above the bearish pattern and tested one of the crucial resistance levels at $0.405
- Clearing the resistance of the descending triangle flashes extreme bullish signals that may elevate the price close to $0.5
- However, a minor bearish action may be expected at these levels but a significant bullish reversal could also knock-in later
- However, the monthly close of the XRP price is required to be beyond $0.6 may invalidate the bearish thesis
- On the contrary, a drop toward $0.32 may discard the bullish trajectory in case of a rejection which appears quite unlikely at the moment