It was much expected that the XRP price would surpass $1 after the final judgement of Ripple vs. SEC was produced. The price did rise by nearly 100% in a day but eventually maintained a descending trend for more than 2 months and almost reached its initial position of around $0.5. Even though the rally appears to be under bullish influence, the stagnant trend sheds light on the possibility of a bearish reversal in the coming days.
The XRP price recently survived the wretched death cross that occurred at the beginning of the month. This brought a ray of hope for a better month ahead, but the bulls are failing to reach the interim resistance at $0.55, leading the token to catastrophe. If a similar trend continues, then the bulls may get exhausted soon, leading the price back below $0.5. It has to be noted that the XRPArmy does not appear to be in a good position.
Hence, if the price fails to prevent further loss, an extended consolidation may restrict the price below $0.5, probably until the end of the year.
As seen in the above chart, the XRP price is trading along the lower trend line that it has maintained since the beginning of the year. The line has been acting as a strong support in times when the price faced a steep rejection. Besides, the Death Cross had a negligible impact regardless of the Golden Cross lifting the price by nearly 30% in April. This indicates the bulls still hold major dominance and could rebound with full strength very soon.
The market conditions need to ease a little, which could happen once the selling pressure dilutes to some extent. As the market participants continue to remain optimistic about the value of Ripple, as the whales continue their accumulation, it can be said that the XRP price could hit $1 before the end of the year 2023.
Credit: Source link
