XRP Price Breaks Above the Bearish Pattern: How Long Can It Go This Week?

The post XRP Price Breaks Above the Bearish Pattern: How Long Can It Go This Week? appeared first on Coinpedia Fintech News

While the crypto markets are coiling up with the possibility of hitting the milestone at $2 trillion, sentiments have soared in favour of the bulls. This suggests the bulls are slowly gaining strength, which has propelled the XRP price higher. After trying to breach the declining resistance multiple times, the latest bullish push broke above the levels. Therefore, it could appear certain that the upcoming rally may turn the tables for the token, but there could be some obstacles too. 

The token has been consolidating for quite a while as the bears restricted it from entering the bullish range. Besides, the bulls also maintain levels above the red flag, which has compelled the price to range within a narrow range. Currently, $0.58 is proving to be one of the major resistances, which may act as a strong base if the token triggers a retest after achieving levels above $0.6.

Even though the bearish influence has not faded away, the XRP price continues to remain on track for its initial milestone of $1.4. 

In the short term, the XRP price appears to follow a pattern, using which the token aims to reach the neckline of the parabolic curve at $0.62. The price formed 8 waves and reached the interim lows below $0.5 from the highs above $0.61. Soon after the rebound, the token began with a fine recovery phase, which is also in the form of a wave. The price has been accomplished with 7 waves and the final wave is expected to elevate the levels beyond the neckline at $6.2.

Once the levels reach the resistance and manage to sustain themselves,  a consolidated upswing may elevate the levels to the 1.2 FIB levels at $0.8. This may validate a healthy recovery after the bearish pullback caused by the Ripple vs. SEC judgement. Therefore, with the above trade playing around, the XRP price appears to be poised to reach a dollar level before the end of the first quarter. 
However, acquiring $0.6 would be extremely mandatory this week to lift the momentum and trader’s confidence in the impending trend.