XRP Bulls Gaining Strength: Will They Push the Prices Above $0.6 This Week?

The post XRP Bulls Gaining Strength: Will They Push the Prices Above $0.6 This Week? appeared first on Coinpedia Fintech News

Regardless of multiple attempts, the XRP price has been constantly failing to rise above the pivotal resistance levels. Meanwhile, it could suggest the bulls are accumulating strength to trigger a healthy upswing to reach these levels. However, the token continued to trade below the 200-day MA level for a long time, due to which a significant bearish trend to $0.55 was quite imminent. However, the price continues to trade flat, which has kept bullish hopes alive for the XRP price rally.

The price action has been struggling to overcome a series of resistance levels after a notable rejection faced at $0.63 that added to the narrative of the token being under extreme pressure. The token’s performance throughout 2023 has been quite moderate, which has been attributed to various factors, including the lack of use cases. However, the current trade setup indicates the token may swiftly flip from being highly oppressed to initiating a fresh bullish upswing.

With the price continuing to trade within the decisive symmetrical triangle, the bulls and the bears have been displaying equal strength. Due to this, the price has been trading within the same pre-defined range with significant wicks on either side of the candles. This could suggest both bulls and bears are trying to accumulate notable pressure, but they lack the required momentum. Besides, the volume continued to remain drained, which is largely dominated by the bears to some extent. 

This may compel the price to trade under the 200-day MA for a while, which may further mount an extended upward pressure. With this, an initial rise beyond the levels could be possible, and if it continues to sustain itself, it can act as a strong base for future bullish attempts. Besides, a decisive close may stimulate the trader’s confidence, challenging the recent resistance at $0.63. A breakout from these regions may pave the way to rise towards the next resistance in the $0.7 to $0.75 regions.