With trading volumes decreasing on a daily basis, most seem to have exited XRP trading. A bearish outlook hangs over the XRP price as the rally has lost momentum significantly, but this situation might be short-lived. The coin has remained around $0.5 for a few weeks now with low volumes and volatility. Therefore, with less interference from the bulls, the price might face a new bearish period to attract new liquidity into the platform.

Considering the current technical aspects and market sentiment, if the bulls manage to close the weekly session on a bullish note, it is believed that the price will initiate a new bullish momentum.Unrelated to other popular coins in the market, the XRP price on the weekly chart has been fluctuating within an ascending parallel channel after rebounding from the 2022 bear market.

Therefore, the price on the longer time frames suggests that the trend will continue and will reach $0.85 within the next six months.

The chart suggests that the price is consolidating tightly in a range and the forecast for the next 6 months suggests that its price could move ahead of many major altcoins. One of the main reasons to be bullish on XRP is the long-term consolidation. The last bull wave occurred 308 days ago (10+ months) where there was a waiting period of 6 to 8 months between each bull wave. Hence, an extended consolidation after a correction is largely considered bullish.

Secondly, XRP price has been creating higher lows since March 2020, indicating that bulls have the upper hand in the long-term trajectory of the chart. While other coins have experienced significant gains, XRP price has remained sideways and has achieved fewer gains, although it has triggered a bullish wave earlier than other coins.

Therefore, the current one suggests that the Ripple (XRP) price could see significant volatility in late 2024 or 2025 as it approaches the end of the accumulation phase and reaches $1 at the earliest.

(Personal opinion, not a recommendation)

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