The post XRP Price at the End of a Prolonged Consolidation, May Reach $2 If Brokeout Out of the Range appeared first on Coinpedia Fintech News
After remaining elevated for over 20 months, the XRP price has faced extreme bearish heat in the past few weeks. This has weakened the bulls to a large extent, as they are unable to defend the crucial support despite the decreased selling pressure. However, the trend is expected to flip very soon as the accumulation phase is about to reach its closure, which may trigger a fresh ascending trend in the coming days.
Why is the XRPArmy in-active? How long will the XRP price remain within a range-bound?
The XRP price has been failing to surpass $0.55 ever since it dropped from $0.8, which is pretty distinct from the key resistance around $0.9. Moreover, trading activity has dropped heavily since the beginning of the month, which is pointing towards an extreme squeeze that could be incoming. With this, a strong breakout could be on the horizon, which may trigger a 100% rise in no time. Now the question arises whether the XRP price will reach $1.
The weekly chart has been more or less bullish for the XRP price rally, as the token held within the range very strongly. This price action is failing to attract liquidity and as a result, the token is believed to break below the support levels to attract trader’s attention. Besides, the RSI is also reciprocating a previous trend, which suggests, the price is heading towards the end of the consolidation phase that it started a couple of years ago.
The end of the curve indicates the end of the consolidation, which may be achieved in the next few weeks. Until then, the XRP price is expected to maintain a descending consolidation, which may end up testing levels around $0.4345, which may initiate a strong rebound. Although the yearly trade could end up on a slightly negative note, the trade following may attract huge buying volume, helping the price to reclaim $0.9 initially and later barge into $1.
Once the XRP price reaches the $1 milestone, the rally is expected to maintain a healthy upswing and rise towards higher targets.