XRP did attempt to break descending channel in the previous day trade but it appeared to be a fakeout. As the price slid down within the channel yet again and began consolidation. Despite the volume remained comparatively better, yet the price failed to gain bullish momentum.
The XRP price began falling into a bear trap since the beginning of the present day as the bulls appear to be pretty exhausted after a notable jump. However, the bear could not drag the price too low as the bulls jumped in very fast and held the price above $1. Therefore a slight push could push the price back above $1.2.
The XRP price has failed to break the downtrend line in order to rise high. The past couple of hours witnessed a slight drop in the trading volume and hence the price fails to gain the required momentum. However, a slight curve with the RSI indicates the reversal with the trend as buyers might have jumped in.
The price no matter could break the trend line and propel high but sustaining above is the need of the hours. As yet another fake out could drag the price to much lower level. The price needs to break the initial resistance levels at $1.1 and March towards $1.12. Moreover if the daily close records the levels above $1.16, the fresh trading day could uplift the price close to $1.2.
Collectivelly, XRP price fresh reversal points out towards the possibility of a notable uptrend awaiting ahead. After an prolonged consolidation and narrow trend, the asset is required to March with increased intensity. Or else the fear of the asset flattening for an extended period could be materialised.
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