The crypto markets are trying hard to halt the bearish trend that was triggered during the last trading day. With the Bitcoin price plunging below $42,000, market participants appear to have fallen in distrust, which triggered over $300 million in long liquidations. This also caused the XRP price to drop below the crucial support, while the probabilities of a bullish breakout continued to loom over the rally.
The price began to trade in a descending trend soon after it faced rejection at the highs around $0.73 in the first few days of November. The price closed the yearly trade within a consolidated range, flashing the possibility of the start of the bullish year 2024. Unfortunately, the upswing that lifted the price above $0.61 created a boomerang impact, punching it close to $0.55 in no time.
With the bullish start of the day, the price is trying hard to ascertain a rise above the bearish claws, but the token appears to have to go way longer to do so.
The XRP price is trading within the pre-defined range within a decisive pattern, which suggests the token may continue to consolidate for more time before reaching the apex. The trade within the decisive triangle is still in play, with a minor possibility of a bearish pullback. The recent pullback caused the price to plunge below the crucial levels at 200, 100, 50, and 20-day MA levels. Besides, the DMI is also on the verge of flashing bearish signals, which suggests a fresh descending trend may be fast approaching.
Therefore, the XRP price is believed to continue trading towards the south and eventually reach the lower support at $0.55. This may further trigger a bullish rebound, with the rally sustaining within the pattern. However, the volume remains comparatively low, indicating the trend will remain sideways for the next few days, followed by a bullish rebound back to the range.
Source: https://coinpedia.org/price-analysis/xrp-bulls-well-in-position-can-they-trigger-a-fresh-upswing-to-hit-1-in-january-2024/