Bitcoin Breaks Above $66,000, What’s Stopping XRP Price From Rising Above $0.6?
In a dramatic move, Bitcoin price surged above $64,000, signaling the beginning of a bullish move. Although other altcoins including Cardano (ADA) broke their own resistance, the price of XRP failed to cross the $0.6 level. The token continues to consolidate near the bottom of the range, while the volume remains below the average. However, the token remains in bullish territory and thus traders can expect green days ahead.
The weekly chart of XRP expects the price to remain range-bound for a few more weeks. The price is trading in a critical symmetric triangle in the long term and may continue to trade until the end of the year. The RSI is trading in an average range, while the DMI levels are parallel to each other. Therefore, no major change in XRP price is expected as the current trading arrangement may not reach $1 in 2024.
Will XRP price remain firm below $0.75?
The short-term price shows that the bears hold the protection zone between $0.5935 and $0.5975 and will give strong upward pressure. However, the rally is nearing its peak and hence a breakout is likely to come this coming weekend. The +Di & -Di bullish crossover is about to take place Stochastic RSI has triggered a bullish reversal confirming the bullish claim.
Unfortunately, the price of XRP is experiencing significant upward pressure, which may force Toke to break support and hit temporary lows. Therefore, market participants should be active until the end of the month.
