It was not a good week for XRP as the prices remained stuck around the $0.51 to $0.52 range, which included minor fluctuations. The price has been trading under extreme bearish influence ever since it faced rejection after testing the levels above $0.72. Comparing the previous price action, it appears that the XRP price has already experienced a similar trend earlier and if the same outcome occurs, a massive breakout could be imminent.
Just before the January close, XRP recorded a huge jump in the selling volume, which dragged the levels below $0.5 for a while. Since then, the bulls seem to be experiencing a serious drain, which has kept the price consolidated. On the other hand, from a larger perspective, XRP is speculated to be heading to the edge of the capitulation phase, which may result in a massive breakout very soon.
The above chart shows the XRP price is repeating the previous play but with enhanced strength and intensity. Previously, just before the 2017 breakout, the XRP price traded under a bearish influence within a symmetrical triangle for over four years. Moreover, the volatility dropped as the price entered the last phase of accumulation, where it appeared largely dead. When the breakout occurred, the XRP price displayed a 650x run in 306 days to mark the current ATH above $3.
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Regardless of the rejection, which was followed by a couple of bear markets in 2019, 2020, and 2022, the XRP price held strongly above the 10-year trend line. This has been acting as a strong support level, which may produce a fine upswing soon. Besides, the monthly MACD is about to confirm a bullish cross-over for the third time. Previously, when it underwent a bullish cross-over in 2017 and 2021, the price triggered a strong bull run.
Secondly, the RSI is about to rise from the multi-year bearish and descending trend line, which signifies a rise above the bearish captivity. The XRP price also consolidated within a narrow range for over two years then, and hence, after consolidating within the same levels for some more time, the token is believed to trigger a huge bull run, irrespective of the prevailing market trend.