XRP price overcame a crucial hurdle to place itself in a favourable position, primed to be ready for massive gains. The asset when was hovering within a bull flag throughout February was expected to barge in the consolidation. However, the price maintained the same accumulation until the present day. After constant strife to break the resistance for a couple of days, the XRP price opened the present day on a huge bullish note.
The Ripple price has gone beyond the range but awaits strong volatility to kick in to ignite a strong bullish move. The XRP price currently has surged beyond $0.8 1 but may again test the lower $0.8 if the selling pressure mounts. The asset ranged high out of consolidation forming a bull flag which further resulted in a spike of 3% to 4% since the early trading hours. Currently, the asset is yet again forming a bullish pennant, which is also a bullish formation.
Currently, the XRP price is following the new trend line formed that it is following since it ignited a flip a month ago. The price is expected to coil up some more, the market participants can expect a significant breakout as the asset reaches the apex of the ascending triangle formed. However, the bulls may enter the ring once the price sustains strong above the immediate resistance levels to uplift the price above $1.
On the contrary, if the Ripple price fails to breach through the consolidation it may severely impact the bulls. Moreover, the price re-entering the flag, then it clearly signifies that the bulls are not yet ready for an upswing. And hence another consolidation towards the south may drag price back below $0.7, invalidating the bullish trajectory. And in such a scenario, the XRP price may revist the lower support below $0.6 which appears quite unlikely at the moment.
Also Read: Bitcoin Bears Making Aggressive Move! BTC Price is Heading to This Level
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Source: https://coinpedia.org/price-analysis/ripples-xrp-price-primed-to-range-high-by-23-to-hit-1-but-when/