Ripple Price Rally Slowed Down
XRP price after significant months of consolidation had broken out of its comfort zone to mark new highs close to $2. Yet the bears jumped into action to drag the price below the support levels. And since then, the price is attempting very hard to smash $1 levels, woefully gets rejected each time.
The price has trembled down at the times when it was on the verge of forming new yearly highs. Yet XRP price is expected to experience a monster rally which may lead the price above $30 by mid 2021. According to a popular analyst, CryptoBull2020, the price may rise as high as $375 by next year.
Only 12 months ago I was one of the few #XRP bulls in this community and when price hit $0.11 I was ridiculed for suggesting a $10 price.
Now we have calls for $27, $42 by August and $375 by next year.
What lesson is to be learned?
— CryptoBull (@CryptoBull2020) May 27, 2021
However, the analyst believes that in the short term, the price may eventually hit $10 and keep the bullish momentum intact to propel further.
Also Read: XRP Price Will Bloom Again, New All-Time Highs Soon!
XRP Price Analysis
As mentioned earlier, the price appears to be trending in the accumulation zone, where-in the price is consolidating for quite a long time. Moreover, the chart showcases the probable uptrend incoming the price is on the verge to break the upper resistance level of the ascending triangle.
Despite a decrease in the trading volume of about 24%, yet the price managed to smash $1 at press time. However, the market cap and the gains both suffer a decline, yet the price appears to be poised to smash the higher levels soon.
- The resistance levels are initially at $1.07 and later at $1.2
- The support levels are at $0.93
- The indicators point out at a sell signal