As the crypto space has risen above the bearish influence, the top cryptos are also trading close to the crucial resistance. Besides, the XRP price has been displaying its strength ever since the final judgement in the Ripple vs. SEC lawsuit was produced in the company’s favour. Even though the price failed to reach the milestone of $1, the bulls held the token above the pivotal support until market sentiments flipped from being largely bearish.
The current trade set-up suggests the XRP price is undergoing a parabolic recovery, which may reach the neckline any time from now. As the token is trading within a cup and handle pattern, one final move towards the north may complete the pattern, placing the token at the neckline. The levels are around $0.7, which can be considered the neckline of the pattern, and a slight push from the current levels may lead the price to achieve it.
What’s next? Will the XRP price trigger a healthy upswing to reach $1?
As mentioned above, the XRP price is closer to accomplishing a ‘cup and handle’ pattern in the daily timeframe. The RSI has reached the upper resistance, while the MACD suggests the buying pressure has just begun to mount. Therefore, after experiencing equal pressure from both, the price is believed to close the weekly trade on a bullish note.
The volume is expected to rise significantly as trade advances towards the end of the year. The XRParmy, which is slowly becoming optimistic about the year-end trade, could help the levels rise with a huge influx of buying volume. Considering the short-term trade, the price continues to trade within a bull flag, and hence a breakout from the structure may soon enable the token to achieve targets around $0.73 and $0.8 by the end of 2023. Further, the XRP price may head towards the next target at $0.933, which may further raise it beyond the $1 milestone in the first few days of 2024.
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