Could This be the Next Big Move for the Ripple (XRP) Price?

The post Could This be the Next Big Move for the Ripple (XRP) Price? appeared first on Coinpedia Fintech News

The crypto markets are getting turbulent as the tokens are heading towards the yearly close. Many of the tokens have been extremely volatile, while some of them chose to maintain a choppy trade until the start of a fresh trading cycle. Meanwhile, the BTC price is flashing the possibility of a bearish reversal, and the altcoins are expected to gain traction in the coming days.

Apart from the tokens like Solana, Avalanche, Bonk, etc., the popular altcoins within the top 10 like XRP have also been trading under an acute bullish influence. Most of them have been maintaining an ascending consolidation by forming constant higher highs and lows. Among them is XRP, which has been manifesting extreme strength ever since the final judgement in the Ripple vs. SEC lawsuit was produced in its favour.

Interestingly, the XRP price has formed a similar pattern, both in the short-term and long-term, that suggests the token is due for a massive breakout.

As seen in the above chart, the XRP price is trading within a decisive symmetrical triangle in the weekly chart as well as in the daily chart. The price is constantly failing to pierce through the upper resistance, which has resulted in rejection. However, the lower ascending support has been held well, which suggests the bulls are active and in control. Besides, the squeeze, which is about to appear with the Bollinger bands, indicates a drop in volatility.

This may compel the price to maintain a sideways trend and chop between $0.595 to $0.615. However, with a release from the squeeze, the price is believed to rise or drop, depending on the dominant volume. The current trading conditions suggest the XRP price remains under a bullish influence as it has been holding well above 0.236 FIB levels.

A breakout from the symmetric triangle and the pressure exerted after the band’s release may propel the XRP price beyond $0.8. This could validate a rise from the bearish claws, with the target at $1 for the first few weeks of 2024.