How long can you go this week?
The post XRP Price Breaks Out Of A Bearish Pattern: How Long Can It Go This Week? First appeared on Coinpedia Fintech News
Bullish sentiment has soared as the cryptocurrency market looks at the possibility of hitting the $2 trillion milestone. This means that the bulls are slowly gaining strength and this is pushing the price of XRP higher. After several attempts to break through descending resistance, the recent bullish push took the level above it. So, while it may seem certain that the upcoming rally will turn the tables on the token, there may also be a few hurdles.
The token has been consolidating for quite some time as weakness has limited its entry into bullish ranges. Moreover, the bulls remained above the red flag, keeping the price moving within a narrow range. Currently, $0.58 has proven to be one of the key resistances and could act as a strong base if the token triggers a retest after hitting levels above $0.6.
Despite the bearish impact not fading away, the price of XRP continues to remain on track towards the initial milestone of $1.4.
In the short term, the XRP price appears to be following a pattern where the token aims to reach the neckline of its parabolic curve at $0.62. The price formed eight waves, reaching highs above $0.61 and intermediate lows below $0.5. Immediately after the rebound, the token began a subtle recovery phase in the form of a wave. The price was achieved in 7 waves and is expected to rise above the neckline at $6.2 in the last wave.
If the level reaches resistance and holds, a consolidation upside could push the level towards the 1.2 FIB level at $0.8. This could prove a healthy recovery after the bearish decline caused by the Ripple vs. SEC judgment. So, with the above transactions taking place, the price of XRP is likely to reach dollar levels before the end of the first quarter. However, gaining $0.6 this week is very essential to increase momentum and traders’ confidence in the impending trend.
