Ripple Reaches Crucial Levels-A Breakout From Here Could Push the XRP To $5; But Will it Happen in 2024?
As the market heads into the final days of annual trading, volatility is expected to increase as trading volumes increase significantly. However, current trends suggest that liquidity within the market is slowly contracting, which could be a bullish sign for cryptocurrencies like XRP. at present, Ripple price It has been facing significant upward pressure over the past few days and the bulls have managed to maintain the trend. Therefore, the coming days are expected to be crucial for XRP price growth, which has reached critical levels.
this bitcoin pricee was trading above $101,000, which helped XRP price rise above $2.5, where it remained for some time. The bears jumped immediately, causing a sell-off of over 4% in a matter of hours, which could signal the start of a new round of rejection. At the same time, trading volume has been squeezed, suggesting that new volume is about to enter the platform, pushing XRP price higher beyond consolidation.
XRP’s daily chart suggests that the price is getting stuck within a descending parallel channel and is about to verify rejection of the resistance. The technical momentum is also not favorable for the bulls, suggesting a drop below $2 may be imminent in the coming days. Meanwhile, the weekly chart reflects that the coin is in danger as the bullish strength appears to have diminished to a large extent.
The weekly OBV shows a bearish divergence while the Ichimoku cloud is about to switch from bullish to bearish. This could be a huge bearish signal, but every time the OBV level has experienced a major expansion, it has been followed by a major decline. However, the price has experienced enough bullish support as buying pressure remains above the average range, suggesting that bulls remain wary, suggesting that a quick rebound may be imminent.
The upcoming weekend could have a significant impact on XRP price gains as both bullish and bearish outlooks exist. If the price manages to stay above $2, the trade may regain its losses and quickly rise above $3; otherwise, the price may soon correct to $1.9.
