The News Crypto -
- XRP price is poised for a potential 100% surge as the accumulation phase nears completion.
- The weekly chart exhibits a bullish outlook, while the RSI suggests an approaching end to the consolidation period.
- After a possible descending consolidation pattern and a test of $0.4345, the XRP price is expected to rebound strongly.
After sustaining an elevated level for more than 20 months, the XRP price has recently encountered significant bearish pressure, causing the bulls to struggle to defend crucial support levels despite a decrease in selling pressure.
However, the market trend is expected to shift in the near future as the accumulation phase approaches its conclusion, potentially triggering a fresh upward trend in the coming days.
The XRP Army’s inactivity and the duration of XRP’s range-bound price action have raised concerns among investors and traders alike.
XRP consistently failed to surpass $0.55 mark
The XRP price has consistently failed to surpass the $0.55 mark since its decline from $0.8, which is notably lower than the key resistance level around $0.9. Furthermore, trading activity has experienced a substantial drop since the beginning of the month, indicating the possibility of an imminent extreme squeeze.
This scenario could set the stage for a powerful breakout, potentially leading to a 100% increase in the XRP price within a short period. The question that arises is whether the XRP price will reach the $1 milestone.
The weekly chart has exhibited a predominantly bullish outlook for the XRP price rally, with the token maintaining its range-bound movement with strong resilience. However, this price action has struggled to attract liquidity, leading to the belief that the token may break below its support levels to capture traders’ attention.
Moreover, the Relative Strength Index (RSI) is mirroring a previous trend, suggesting that the price is approaching the end of the consolidation phase that began a couple of years ago.
The end of the RSI curve signifies the conclusion of the consolidation period, which may be achieved in the upcoming weeks. Until then, the XRP price is anticipated to maintain a descending consolidation pattern, potentially testing levels around $0.4345 before initiating a strong rebound.
While the yearly trade might conclude on a slightly negative note, the subsequent trade is expected to attract substantial buying volume, aiding the price in reclaiming the $0.9 level initially and later breaching the $1 threshold.
Once the XRP price attains the $1 milestone, the rally is projected to sustain a healthy upward trajectory, targeting higher levels in the future.
This article was originally published on thenewscrypto.com
