XRP price has been followed largely as the asset has been less traded in the US due to the ongoing Ripple vs SEC case. The case is unfurling new twists every new day and has been delayed very often. While many believe the closure of the lawsuit may bring some fortune to the XRP price, the asset may independently rise high without any external boosts.
Therefore, Will XRP price end the monthly trade on a bullish note or remain consolidated close to $0.4 levels?
The top 4th asset has witnessed dreadful days since mid-April that clinched more than 50% of its value. While the asset began to consolidate, rather than a breakout, the XRP price faced another drop of nearly 30% to mark the lowest levels below $0.3. Currently, the asset after hovering below $0.33 for some days, pulled a massive leg up to test the immediate resistance. But woefully faced a notable rejection.
The daily chart of the XRP price clearly suggests that the asset has flipped the bearish trend and on the verge to make a large move towards the 1 FIB level. Despite a minor rejection at 0.618 FIB levels, the current candle is a bullish Doji which implies the mounted buying pressure. As the bulls still seem to be firm, a notable breakout may be expected anytime this weekend. The XRP price is required not only to stabalize above 0.61 FIB levels but also beyond 0.78 levels to end the monthly trade on a bullish note.
Considering the short-term, the XRP price is setting itself a break after a massive upswing, which cannot be considered as a correction or pullback. Therefore, after a small accumulation of strength, the asset is primed to regain the levels above $0.4 initially and later chase $0.42 & $0.44 levels.
Coming to indicators, RSI and MACD, both are pretty bullish and due to this the asset may maintain a notable upswing for the next couple of days. However, unless the price secures its levels above 1 FIB level at $0.45, it would be very difficult to aim at $0.5 levels for the monthly close.
Therefore, the coming weekly close may turn the tables for the XRP price which appears to be confused with the next upcoming trend. Will the price manage to break above $0.4 this weekend or remain consolidated below the levels?
Stick with us for the updates ahead!