While the Bitcoin price soared past $26,000, the XRP price tried to rally past $0.4 but failed. The rejection not only sent the price down more than 8%, but also created a downtrend that may drag the price close to the lower support. Currently, the XRP price is struggling to stay above the interim support at $0.35 and may also succeed as a small rally could be fast approaching.
The XRP price in the last few hours has shown unstable behavior as it is consolidating losses above $0.35. The price is now trading below the short-term 100-day SMA, where a major downtrend line has formed. Therefore, the possibility arises that the token could go back up to $0.38 in the next few days.
The XRP price may maintain the bearish wave that was ignited by the rejection of the local highs at $0.4. As the price has triggered a bullish reversal, a notable rally can push the price towards the resistance zone along the trend line, just above $0.38. Meanwhile, the price may face a rejection that could drag it below its current levels.
The trend is believed to remain constant until the price reaches the lower and main support zone between $0.3333 and $0.3375. However, before marking an entry to these levels, XRP bulls are expected to enter and hold the price, avoiding further losses. Meanwhile, the XRP price could set higher targets, but they may not be supported by enough bullish action.
Therefore, a consolidated rally may prevail, until bearish influence prevails within the crypto space.
This post This is when the bulls can come in to push levels near $0.4!
was published first on https://coinpedia.org/price-analysis/xrp-price-consolidating-heres-when-the-bulls-may-enter-to-raise-the-levels-close-to-0-4/