The optimism around the crypto markets has increased as the Bitcoin price is heading firmly to secure $70,000. Besides, the other tokens within the top 10 are also displaying immense strength and approaching their respective resistance levels. However, XRP appears to be unaffected by the swelling positive sentiments as the price remains restricted within a range. Moreover, a minor pullback could trigger an 18% downturn as the bulls fall weak in an attempt to clear a blockage.
The XRP price has remained stuck within a decisive symmetrical triangle and has been making numerous attempts to surpass the upper resistance. The bulls appear to be well positioned and waiting for a strong push that can elevate the levels beyond the pivotal range. However, the resistance zone between $0.67 and $0.71, remains untouched for over a couple of months, which suggests the bulls are undergoing an extended accumulation phase.
The technicals are turning bullish after withstanding bearish pressure for the past few months. Now the question arises whether the XRP price will break above the resistance and reach $0.8 or remain consolidated below $0.6 until the end of 2024.
After multiple failed attempts, the XRP bulls appear to be poised for a breakout and hence, the levels are stuck to the resistance from the past couple of weeks. However, the bulls are not able to breach through the levels, but the current trade set-up has flashed bullish signals for the upcoming price action.
- The MACD shows growing buying pressure while the levels are entering within the bullish range
- The Ichimoku cloud also indicates the rally is approaching the end of the bearish influence as the Lead Span A & B go parallel, showing the possibility of a bullish crossover.
- The volatility of the token has surged to some extent while the volume is favouring the bullish
- The RSI rose finely above average levels after initiating a rebound from the lows, suggesting the bulls may utilise the accumulated strength any time from now on.
- The weekly 200-day MA at $0.6006 is offering a strong base for more than a week, which suggests a breakout may be on the horizon.
The XRP price has been stuck within a bullish flag in the daily timeframe, which elevates the possibility of a breakout shortly. With this, the price is expected to reach $0.65 in no time, followed by a quick jump above $0.7. If the bulls hold the rally above these levels amid the growing bearish activity, a rise to $0.75 could be imminent, which could be extended to $0.8. However, the bears are expected to demonstrate their strength at each phase, due to which strong buying pressure is required to nullify their impact.
