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.
