The crypto space has been trading under extreme bearish conditions for the past few weeks, keeping the majority of the tokens under narrow consolidation. However, all the focus appears to have shifted over XRP, as the price managed to close the previous week’s trade on a bullish note. Further, the price is attempting to reach the crucial resistance that may trigger a fine upswing to reach the interim milestone at $1, probably in June 2023.
The bears have been restricting the XRP price at $0.56 for over a year, as it has been facing multiple rejections at this level since September 2022. After a prolonged consolidation and accumulation of strength, the price is now strongly heading to surpass the crucial resistance. Meanwhile, the bears may not restrict the rally now that the bulls have gained an upper hand and may not allow the price to face another rejection.
The XRP price previously broke the falling wedge but failed to trigger a giant move toward the north. The price maintained a sideways trend as depleted volume failed to generate the required volatility to attract the bulls. However, the price with the recent upswing managed to close the previous week’s trade above the horizontal resistance, indicating the possibility of a 2021-like upswing in the coming days.
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During the 2021 breakout, the price soared by nearly 200% to mark a yearly high of close to $2. Hence, if a similar scenario plays out, the XRP price is assumed to cross $1 initially and reach levels around $1.65 in the coming days. Besides, the RSI is displaying some diverse actions, highlighting the possibility of another rejection. However, the ADX, which determines the strength of the rally, is incremental, and therefore, a decent upswing may be expected for the next couple of weeks.
Source: https://coinpedia.org/price-analysis/xrp-price-all-set-for-a-big-move-here-is-the-xrp-price-prediction-for-june-2023/