Is XRP Facing Price Consolidation After 106% Monthly Surge?

• XRP has shown modest price increases after its 106% price rally over the past month. 
• The altcoin’s daily trading volume has surged by 27.37% as per CMC data.

Just days after the community discussed a price slump, Bitcoin began its rally disproving bears’ intentions. The cryptocurrency’s recent November 20-21 rally has aided it to reach $98K. This has raised speculations about Bitcoin’s $1 million milestone being reached early. On turning attention to the altcoin sector, bullish movements meet us here as well. 

In the last 24 hours, leading altcoins including Ethereum have been propelled to show modest price increases. Particularly, the Ripple ecosystem’s native token has shown a modest price increase of 2.33% over the past day. In the Asian afternoon hours, the altcoin was trading at $1.09 and has now raised to $1.11. At the time of writing, XRP was trading at $1.1202 as per CMC data. 

XRP price has rallied 61.83% over the past 7 days despite price fluctuations as depicted by the increased volatility. Zooming out, the altcoin has recorded a significant 106.63% price rally over the last 30 days. This caused the altcoin to test and surpass the crucial resistance of $1 and progress further. 

Meanwhile, on inferring its daily price chart, the altcoin shows high volatility further highlighted by its RVI – 59.48. Additionally, XRP, in the last few days has not shown much movement, indicating a price consolidation. In order for the token to witness further bullish cycles, it has to break out of the current slump. 

How Will XRP Price Perform in the Coming Months?  

On analyzing its data, XRP shows a horizontal channel pattern further highlighting the price consolidation. This pattern is usually followed by either a price breakout or a descent. However, when looking at technical indicators, XRP’s bull power indicator’s value stands at 10.88, while its bear power indicator’s value stands at -3.39 as per TradingView data. 

Subsequently, the horizontal pattern can be expected to break out into an upward direction as suggested by the above indicator. In the case of such an occurrence, XRP price might face resistance at $1.2603 and $1.3090. 

On the other hand, other altcoins such as Floki and Solana have also shown upward movements in the past day. 

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