While the Bitcoin price soared beyond $26,000, the XRP price attempted to rise beyond $0.4 but failed. The rejection not only led the price to drop more than 8% but also rolled out a descending trend that may drag the price close to the lower support. Presently, the XRP price is struggling to stay above the interim support at $0.35 and may also succeed as a minor upswing could be fast approaching.
The XRP price in the past few hours has displayed unsettled behavior as it is consolidating losses above $0.35. The price is now trading below the 100-day SMA in the short term, where-in a major bearish trend line has formed. Therefore, the possibility of the token rising back to $0.38 in the next few days emerges.
The XRP price may maintain the bearish wave that it ignited with the rejection from the local highs at $0.4. As the price has triggered a bullish reversal, a notable upswing may lead the price high toward the resistance zone along the trend line, just above $0.38. Meanwhile, the price may face a rejection that could drag it lower than its current levels.
The trend is believed to remain constant until the price reaches the lower and major support zone between $0.3333 and $0.3375. However, before marking an entry into these levels, the XRP bulls are expected to enter and hold the price, preventing further losses. Meanwhile, the XRP price could map higher targets but may not be supported by enough bullish action.
Therefore, a consolidated upswing may prevail, until the bearish influence prevails within the crypto space.
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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XRP, the digital asset associated with the Ripple network, is experiencing an extended period of consolidation, with its price trading between the range of $0.24 and $0.27 for the past several days. While there are some concerns that the extended period of tight trading means that the crypto may lose its bullish momentum from last month, analysts remain upbeat about the future of the token.
There were some predictions at the beginning of March that XRP’s price could climb to around $0.40 as the coin rallied past the $0.30 level. Prices came close to hitting this target but failed to break through. At present, the coin is trading around the $0.27 range and is showing signs of slowing down but is still remaining relatively resilient.
Analysts are now eyeing the potential of a bullish breakout in the near future. If this scenario plays out, XRP could soon rise to levels close to $0.40, driven by such factors as upcoming technical developments and positive sentiment in the market.
As for technical developments, the Ripple network’s interledger protocol will support XRP and enable faster settlement times. Twitter user CryptoScat, an XRP technical analyst, also claims that the digital asset has strong support from moving averages and fibonacci retracements, which could help the price stabilize and eventually push it higher.
On the sentiment side, Ripple recently joined Hyperledger and is also making progress with its xRapid payments service, which is expected to give XRP a significant boost in the long-term. All these developments are leading to the coin receiving more attention from traders and investors, which will help it break through the current tight trading range and reach higher levels.
In conclusion, XRP is in the middle of an extended period of consolidation, but analysts remain confident that it will soon break out of its current trading range and climb to higher levels close to $0.40. Positive sentiment and technical developments are expected to play important roles in shifting the price of the coin, and this will lead to increased investor interest.
