The XRP price has been extremely bullish for nearly a month. After being rejected at $0.54 a couple of times, it was believed that the price may deep dive into the bearish trend and hit levels below $0.3. However, the crypto managed to halt the bearish trend and ignited a rebound at around $0.448.
The price, however, recently broke down from the ascending bullish pennant, indicating a resurgence of the bearish trend. Furthermore, the bulls firmly held the price at support levels around $0.44, but bearish clouds continue to haunt the XRP price rally.
Presently, the asset appears to be bullish, but the main target of the asset still remains extremely bearish below $0.1.
As per the chart shared by a popular analyst, Capo, the XRP price is on its way to reaching beyond $0.6 in the next few days. Furthermore, the bears are speculated to drag the price down to form new lows at around $0.17 before the end of the year 2022. Therefore, any advancements in the Ripple vs SEC case do not appear to have impacted the price.
Meanwhile, the volatility of XRP is reaching the skies. The volatility rate is on a constant rise since the mid of September surging from 0.46% to as high as 1.17% at the moment.
The prices continue to remain healthy until the volatility is less as they refer to the changes in the asset’s value. As a result, a highly volatile asset is considered very risky because the price can fluctuate dramatically in either direction.
Hence, Ripple’s (XRP) price presently is displaying the possibility to go long but maybe only for a short time frame. As analysts mentioned, the rise in volatility may eventually drag the asset’s price to extremely lower in the coming days.
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