XRP price earlier followed a substantial uptrend through ever since it managed to spike in the past couple of days. However, the asset consolidated for a while and currently shed most of its gains but quickly shed a huge amount of its value, yet sustains above $0.8. while the bears have capitulated the market, the possibilities of a substantial uptrend may be ignited very soon.
The Ripple price ever since ranged high to smash its 2021 highs, lost its momentum to a large extent. While many cryptos rallied more than 60% towards their highs after the May crash, XRP price remained restricted below $1.5. And currently, the price is struggling hard to regain the levels above $1. As the upper resistance are been lowered as on time, the strength is also weakened accordingly. However, a slight bullish scenario for XRP price has emerged, that may uplift the price towards the zones where-in the bulls are expected to enter.
- The XRP price after bouncing from the lows around $0.5 maintained a significant uptrend and surpassed $0.8 at the moment.
- Swinging within a descending triangle, the price now appears to be primed to test the immediate resistance, where-in it faced a couple of rejections.
- Moreover, the price is also testing the huge descending trend line and a successful breach through from these levels may ignite an uptrend that may rise high towards $0.86 to $0.9 levels.
- However, once the price reaches the levels above $0.9, then a fair chance of the asset smashing above $1 also emerges
- On the contrary, if the asset gets rejected at these levels then no other option may be left for the asset other than hitting the lower support again. And in this case consolidating within narrow ranges, mainly below $0.85 may be possible.