The price trend for XRP (XRP) is becoming bullish for investors and there are strong chances of the asset moving higher.
This is because the bullish sentiments are supporting XRP move in the upward direction. Let us have a look at how the asset has done in the recent trading sessions.
XRP Price May Rise Over $0.41
The trading price of XRP has continued facing an uptrend and it has climbed significantly higher in recent days.
The price of XRP has surged enough to come close to the first resistance level, strongly defended by the bears. The bears are currently defending $0.41 (strong resistance level) with all their might.
Their goal at the moment is to keep the bulls from hitting and rising over a particular level. On the other hand, the bulls are eager to get past a particular level.
They want to build up a strong rally so they can push XRP’s price on a higher level. It seems that their efforts have worked out in their favor and XRP is now in the bullish zone.
Uptrend Line is witnessing a Support
Despite facing strong resistance, the trading price of XRP has not wavered and it is still hovering in the higher zone. This goes to suggest that the price of the asset is in the uptrend line and it may remain in that zone.
This is because in the past few days, the price movement of XRP has managed to form a triangle pattern, which is indicating an ascending channel.
It is quite common for the trading price of an asset to move in the bullish zone and hit a high track when it leaves the triangle.
Hence, it is a perfect opportunity for the bulls to increase their buying pressure and push the trading price of RP to a higher level.
They may continue buying XRP until the price of the asset manages to breach and break above the resistance level.
XRP to Hit $0.51
If the bulls manage to do that, it will end up triggering a strong bullish trend, allowing the bulls to buy more XRP without any fear.
As other investors look at the price of XRP and make it into the higher trading levels, they will continue becoming a part of it. This would eventually push the trading price of XRP to a high of $0.45.
There is a very high possibility that the bears may try and launch their strong selling spree as XRP reaches $0.45. However, if the bulls are able to keep up the momentum, then there will be no stopping them.
The bulls may continue increasing their buying momentum and that would help push the trading price of XRP to a higher level.
With the sentiments growing even more bullish, the trading price of XRP may enter a high resistance zone. If the bulls are able to keep the pressure on the bears, then the price of XRP may surge to $0.51.
XRP May Plummet below $0.30
Although the bulls are currently in power and have the trend supporting them, the bears have the overall market situation in their favor.
If another major incident such as the FTX crash takes place, then the trading price of XRP may fall below $0.40.
As the selling pressure of the bears continues to gain momentum, more bulls will continue abandoning the bullish side.
Going forward, as the selling pressure keeps rising, the price of XRP may weaken to $0.37. From there, the plunge may continue and then the price of XRP may fall to $0.34.
In case the bulls are not able to fight against the bears, then the price of XRP may take another major dip. This time, the price of XRP may dive and fall below the $0.30 mark.