The crypto space over the past weekend maintained a notable trend of uncertain prices. BTC price that traded above $40,000 for the past week suddenly lost to bears and dipped below crucial support levels. This fired up the market to change the trend from a healthy consolidation to a downtrend.
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On the other hand, the price of XRP also maintained a steady trend after the extreme drop in January 2022.
Prices are currently well above sunken levels and while a large price reduction is taking place, the chances of a massive uptrend are also emerging.
Ripple price has been consolidating since Feb 12 and seemed poised for another breakout soon.
The markets were ready to push the price above $1, but the bears became quite active in a very short time, which drastically reduced the chances of going higher for some time.
What’s next for the XRP price?
XRP price is currently expecting notable volatility as short-term volume has been dominated by the bears.
XRP price, despite multiple sell-offs, has held lower support levels. And therefore, after reaching these levels, the asset tends to flip whenever it reaches the upper resistance of the descending triangle.
Considering the current trend, the asset does not seem poised for an immediate breakout, but may continue to float inside the triangle until it reaches the apex of consolidation. Furthermore, the asset could break through the levels and hit the overhead resistance just above $0.8 instantly.
Ripple in recent times has gained a bit of an advantage in the case against the SEC and thus this has helped the asset gain a bit of confidence among investors.
Therefore, with the progress in the case, the price of XRP can also be affected to the maximum. To be sure, the price may not immediately recover its lost positions above $1 and hold until the end of the month, but it may end the quarterly trade on a bullish note.
This post Ripple Preparing for a 30% surge, will XRP price hit $1 levels? – Coinpedia – Fintech & Cryptocurrency News Media
was published first on https://coinpedia.org/price-analysis/ripple-getting-ready-for-a-30-upswing-will-xrp-price-make-it-to-1-levels/
