The post XRP Price Extends Consolidation: Is It Preparing for a 20% Surge or a 25% Pullback? appeared first on Coinpedia Fintech News
The XRP price has struggled to maintain a healthy rise in the past few years, regardless of market price fluctuations. The Bitcoin price has recently become more volatile, causing a notable rise in its dominance. As a result, many altcoins have become more promising, carrying a huge possibility of reaching their respective resistances. However, after a prolonged consolidation, the XRP price is believed to reach the much-awaited milestone of $1 in the next few weeks.
The STF chart of XRP displays massive volatility as trading volume within the markets has been fluctuating heavily. Meanwhile, the HTF chart indicates the price is reaching a decisive phase, which may end up displaying a bearish price action. However, the XRP price has not only bounced from the lows but also overcome a fake breakout from either side. Therefore, the price is believed to extend the consolidation until it breaks above one of the crucial ranges.
After recovering from the bottoms, the XRP price in the weekly chart has surpassed the pivotal 200-day MA at $0.6050. The bulls are extremely eager to close the weekly trade above these levels without bearish influence. This may help the bulls regain their dominance, which could push the levels beyond the average bands by $0.63. Besides, the OBV remains elevated, which suggests the trend may continue to maintain a healthy ascending trend for the next few days.
On the other hand, the dropped volume may raise some concerns but the whales with huge wallet balances are constantly accumulating. Therefore, the possibility of a steep rise continues to hover over the XRP price rally, provided the monthly close could be above $0.635 to $0.64. The 200-day MA may offer a strong base, which could keep up the upswing for the rest of 2024.