XRP Price Extends Consolidation: Preparing for 20% Surge or 25% Pullback?
The post XRP Price Extends Consolidation: Preparing for a 20% Surge or a 25% Retracement? It first appeared on Coinpedia Fintech News
Regardless of market price fluctuations, the price of XRP has struggled to maintain a healthy increase over the past few years. The price of Bitcoin has been volatile recently, which has led to a significant increase in dominance. As a result, many altcoins have become more promising, with a greater chance of reaching their respective resistances. However, after a long consolidation, the price of XRP is believed to reach the much-anticipated level of $1 in the next few weeks.
STF's XRP chart shows high volatility as the trading volume in the markets fluctuates significantly. Meanwhile, the HTF chart shows that the price has reached a critical level, which may indicate a bearish price action at the end. However, the price of XRP won not only from the lows, but also from both sides of the false crash. Therefore, it is believed to extend the consolidation until the price breaks above one of the critical ranges.
After returning from the bottom, the price of XRP in the weekly chart crossed the main 200-day MA at $0.6050. The bulls will be keen to close the weekly trade without bearish influence. This could help the bulls regain their dominance, pushing the levels above the average bands by $0.63. Additionally, the OBV has moved higher, suggesting that the trend may continue a healthy uptrend in the next few days.
On the other hand, the reduced size may raise some concerns, but whales with huge purse balances are constantly harvested. Therefore, the possibility of a major increase will continue to hover over the XRP price rally, the monthly closing may be above $0.635 to $0.64. The 200-day MA may provide a strong base, which could sustain growth for the rest of 2024.
