Price Analysis

XRP Army Gearing Up After a Major Debacle: A 10% Rise is Imminent Before the Weekend!

The markets are gearing up as Bitcoin has again made it above $58,000 and buying volume remains elevated to some extent. While others are coping with the mounting bearish pressure XRP price has triggered a significant run towards the target at $0.5. While the token has faced multiple rejections before marking the range, an uninterrupted upswing may kick in anytime, which may cause a 12% rise shortly. 

After the downfall that began at $0.72 in March, the price remained consolidated within a falling wedge. The token dropped heavily after reaching the edge of the pattern and plunged over 15%. However, the token appears to have accomplished the corrective phase after rising from the lows at $0.4 and hence a fresh ascending trend could be fast approaching. 

As mentioned above, the XRP price has started a strong recovery and is expected to maintain a similar trend for the next few days. The OBV has displayed a bullish divergence while the MACD is about to undergo a bullish crossover. This suggests the bulls are entering the platform which may attract significant liquidity as the volume appears to have drained to a large extent. However, the trading activity has risen to some extent as the active address count has soared above 30,000 after remaining confined below 25,000 for a couple of days. 

The platform has witnessed a huge rise in the active address count, over 40,000, a couple of times, which suggests the traders continue to remain vigilant, observing every possible move of the XRP price rally. Currently, the price is trading at $0.4465, up over 1.5% in the past 24 hours, while the entire market is fighting the bearish heat. Therefore, the XRP price is believed to maintain an ascending consolidation and reach $0.5, probably during the coming weekend. 

SOURCE

Leave a Comment

data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data data