Ripple Price Analysis: XRP Bulls Lagging Strength: Will the Price Plunge Back Below $0.55?

The post Ripple Price Analysis: XRP Bulls Lagging Strength: Will the Price Plunge Back Below $0.55? appeared first on Coinpedia Fintech News

The crypto markets have become volatile as it is heading close to the launch of the spot Ethereum ETF. Bitcoin & Ethereum prices have been displaying strength but the prices of XRP & ADA remain consolidated within a range. Moreover, the XRP price is feared to lose a pivotal range, which may cause the token to undergo a pullback with a significant margin and also compel it to remain consolidated below the pivotal resistance. 

With the beginning of the fresh weekly trade, the bulls appear to be losing their grip as the selling pressure has mounted over the majority of the tokens. Besides, the XRP price dropped below $0.6, fluttering a bearish wave among the market participants. Regardless of the bearish forces being active at the moment, the token remains within a bullish influence and hence carries the possibility of reclaiming the lost levels & continuing to march towards new yearly highs. 

The weekly chart of the XRP price has turned bearish as the Supertrend, which assists the traders in identifying the market trend, has continued to remain bearish regardless of the bullish weekend close. Besides, the RSI had maintained a steep ascending trend after rebounding from the bottom in the first few days of the month. However, it has not validated a trend reversal as the buying volume continues to have an upper hand compared to that of the selling ones. Hence, the bulls are expected to get back into action and elevate the levels beyond the higher targets. 

After a prolonged consolidation, the market participants and analysts now look out for a bullish breakout, which may trigger a strong ascending trend in the coming days. Now that the markets are consolidating ahead of the launch of the spot Ethereum ETF, which is expected to go live on July 23, 2024, a huge breakout may be expected after the event. However, the events have been impacting the cryptos only for a short time frame. 

Therefore, the bulls are required to utilise the upcoming opportunity and secure the higher targets at $0.7, which may take the XRP price a step ahead to achieve the major resistance at $0.8.