The post Bears Obstructing the XRP Price Rally From Reaching $3.5-While Bulls are Gearing Up for a Massive Breakout appeared first on Coinpedia Fintech News
Bullish sentiments toward the XRP price have risen since the new president’s inauguration, with speculation that the Ripple founder will work closely with the Trump administration. However, a very minimal impact has been seen on the token’s value, which suggests that external factors do not influence the trend. Besides, the emergence of new ‘Celebrity Coins’ like TRUMP, MELANIA, etc. has absorbed more than half of the total trading volume, which could have refrained the token from manifesting the required strength.
Despite the rise of new tokens, the market participants remain bullish over primitive tokens like XRP, ADA, DOGE, LINK, etc., and a few more hints towards unexplored bullish divergences within these altcoins. Meanwhile, the XRP price, which is strongly advancing towards a $200 billion market capitalisation target, is believed to revamp a strong ascending trend soon. With this, the possibility of a new ATH remains elevated before the end of the month.
The short-term price action of XRP displays an excessive contraction in the past few hours, which has prevented the token from massive bullish action. The bearish dominance appears to have superseded the bulls, which has restricted the rally within a descending, expanding channel. Besides, the stochastic RSI is failing to rise above the average range, which may keep the Bollinger bands within a parallel range. Therefore, the XRP price may continue to trade within the range for a while or until it reaches the apex, followed by a breakout beyond the range.
This move could push the price towards the upper channel of Bollinger, while the breakout from this range could require a huge amount of buying liquidity. Currently, the volume has been rerouted to the other new tokens, which have also begun to plunge. Hence, in the coming days, this liquidity is expected to enter back into the primitive tokens, as more than 90% of traders are bullish about the XRP price rally. Hence, the price is believed to trigger a strong rise and mark fresh highs shortly.