Ripple price ignited with a strong rebound during the previous trading day and recorded 20% gains until the press time. Meanwhile, the price is not facing any extreme bearish pressure, which could have weakened the bulls before illuminating the rally. However, the asset has been trying very hard to sustain a firm upswing, which may now be supported by the rising buying volume.
After a significant drop, the XRP price found a strong base at $0.32, withstanding the bearish action that intended to drag the value lower, but failed. The price experienced a fresh increase to mark the daily highs above $0.35 while the entire crypto space, including Bitcoin & Ethereum, continued to hover below their pivotal resistance levels.
The price rose above the 23.6% FIB level which may now induce a significant momentum to head towards the next target above $0.5.
The price gained strength after it soared high above $0.36, however, it continues to trade below the 100-day MA at $0.4, which may further trigger an upswing to hit $0.4. Presently, the asset is facing a slight hurdle at $0.38 where-in a minor bearish action is noticed. However, after a brief consolidation, the asset may slice through these levels and also break above the key resistance area at $0.385 to reach $0.4.
Moreover, the newly formed double-bottom pattern may also result in a significant upswing in the coming days. The XRP price is strongly heading towards the neckline at $0.39, which may further push the price higher. Collectively, the bearish action appears to be quite restricted as of now; meanwhile, the Ripple vs SEC lawsuit is also able to induce huge confidence in the market participants.
Source: https://coinpedia.org/price-analysis/ripple-xrp-price-rallies-significantly-while-bitcoin-ethereum-consolidate/