The crypto markets appear to have approached crucial levels, which indicates they are at the foothills of a massive explosion. With the onset of a fresh Bitcoin rally, the altcoins could also trigger a strong rally, which could ease the remaining bearish pressure in the markets. Despite the current market conditions, a popular altcoin, Ripple (XRP), remains unimpacted as the price continues to trade within a narrow range.
While the weekly gains appear to have been nullified, will the XRP price trigger a 30% rally to reach the interim resistance at $0.6?
The XRP price appears to have been stuck just below $0.6, as the bulls have been failing to lift the rally above the newly formed resistance zone. This has caused the market participants to become more furious and look out for other options within the space. As a result, the price remained stuck within a region with a huge drop in volume and volatility.
Besides, the long-term price action continues to display some hope for a bull run, but the token is required to secure the local highs.
The weekly chart shows the main reason for the XRP price’s sideways trend. The price is currently trading within a significant symmetrical triangle and is very close to the apex. As the trade approaches the edge, volatility typically declines, indicating that bulls are accumulating gains in preparation for a larger rally in the coming days.
The weekly MACD is also bullish and is about to crossover. While the levels are kept within a bullish range, the possibility of the price remaining within that range looms over the space. As a result, the XRP price remains bullish, but it needs to break through the critical resistance at $0.6 and quickly secure levels above $0.7. This could pave the way for the token to break out of the symmetrical triangle and rise to $0.85.
Credit: Source link