After witnessing a much inactive weekend, the start of the weekly trade is much bullish as most of the coins enter the green zone. Ripple’s XRP price after trading without any major change and trending within a very narrow in the previous trading day, underwent yet another crash. Yet a fresh jump since the early trading hours flipped the rally into an uptrend, aiming to hit new highs.
The rally is intending to surpass the next resistance level at around $0.66 after achieving $0.645. The constant uptrend and downtrend have formed a ‘W-shaped’ pattern and on the verge to hit the neckline at $0.651.A successful rally above $0.651 could initiate with an uptrend, but the validity would be after attaining $0.71. However, a bull rally can be valid only when the price hits the upper resistance at $0.932.
Despite the price is about to test the ‘W-shape’ pattern, an uptrend could be misty. As in the recent past, a similar pattern was formed, but the price brokedown instead of surging high. Therefore a substantial boost could break the trend and assist to rally upwards.
Currently, the bears are weakened as the price appears to be bullish. Moreover, the selling pressure also has eased to some extent, while constant buying has uplifted the price. The price is testing the 50-day MA levels in the 4-hour chart and a successful jump from here could be bullish.
The 24-hr trading volume has also jumped considerably high, nearly 12.35% recording more than $1 billion at the press time. Therefore, it is mandatory for Ripple’s XRP price to form higher highs and hit $0.7 initially. However, the bull run could resume only after visiting the strong support levels at $1.