Ripple Price Analysis: Here’s What You Can Expect from XRP Price in the Next 6 Months
With trading volumes decreasing every day, traders seem to have exited XRP trading. With the rally strength decreasing significantly, a bearish outlook looms over XRP price, but this situation may be short-lived. The coin has been holding around $0.5 with low volumes and volatility for a few weeks now. Therefore, the price may face a new bearish period as the interference from bulls decreases to attract new liquidity into the platform.
Considering the current trading setup 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. Independent of other popular coins in the market, XRP price on the weekly chart has been trading inside an ascending parallel channel after rebounding from the 2022 bear market. Therefore, the price on the longer timeframe suggests that the trend will continue and will reach $0.85 in the next six months.
The next 6-month forecast suggests that its price may fluctuate 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 6 to 8 month waiting period between each bull wave. Hence, the extended consolidation after the correction is largely considered bullish.
Secondly, XRP price has been creating higher lows since March 2020, indicating that bulls have an advantage in the long-term trajectory of the chart. While other coins have experienced a significant surge, XRP price has remained in consolidation and has made less profit despite initiating a bullish wave earlier than other coins.
Thus, the current trading setup suggests that Ripple (XRP) price could see significant volatility in late 2024 or 2025 as it trades towards the end of the accumulation phase and reaches $1 at the earliest.
