Here is When the XRP Price May Display Some Strength Against Bitcoin and Soar by 90%

The post Here is When the XRP Price May Display Some Strength Against Bitcoin and Soar by 90% appeared first on Coinpedia Fintech News

As the markets are heading towards the end of the quarter, the volatility is slowly rising and is expected to peak in a short while. As a result, the prices of the top cryptos like Bitcoin & Ethereum could vary by quite a large margin, which may further impact the other cryptos. Meanwhile, the XRP price, which has remained largely stagnant for over a period of time, is believed to rise above its restricted range. Hence, revving the possibility of a consolidated ascending trend to sustain above $0.6, which may push the prices above $0.7. 

The XRP price in the long time frame has rebounded from a pivotal support zone, suggesting the bulls are regaining some dominance, which may assist the rally to achieve the higher targets. 

As seen in the above weekly chart, the XRP price remains within a bullish range of ascending parallel channels after a rebound from the lower support. However, the volume has grounded to the lower levels, with the MACD pointing towards a potential pullback. But the buying pressure continues to mount, which suggests a rebound of the MACD line from the signal line without undergoing a bearish crossover. It has happened before during H1 2023 and hence a similar pattern is expected to repeat. 

Meanwhile, the XR price is expected to revive a strong ascending trend when it gains strength against Bitcoin. Historically, the XRP price entered a massive bullish wave, while the BTC price continued to either plunge or consolidate. Hence, a massive move is expected as the XRP/BTC has again formed a bottom wave, which has propelled the levels beyond the higher targets. 

The XRP/BTC is facing extreme pressure from either of the sides, as both the bulls & bears are either extremely active or passive. The levels have compressed within a narrow range, while the technicals suggest a continuation of a bullish spell. Meanwhile, the volume remains restricted within a range, raising concerns over the next price action. However, the RSI is rising, suggesting the growing momentum of the rally. 

Therefore, the XRP price is expected to rise above $0.6 when the token shows strength against BTC and reaches pivotal resistance at 0.00001425 BTC. A sustained move above the range may validate a fresh ascending trend, reviving the hopes of reclaiming $1.