The cryptocurrency market has become passive today and has not shown any significant price action. After a small uptick in the recent period, volatility has once again dropped to minimal levels. First, Bitcoin continues to stay in a small zone, which has forced the entire cryptocurrency space to remain apathetic.
Meanwhile, there are chances of a bullish breakout in XRP price that could even result in huge profits. The current trading setup suggests that the price is on the verge of a long period of consolidation. Such a breakout could result in huge profits that could even reach triple digits.
XRP price is currently retesting the major trendline from 2022, which suggests that a bullish rally could be in store soon if the bulls show some strength. The trend is also part of an ascending parallel channel on the daily chart, reinforcing the support. Moreover, the price is supported by a strong 0.618 FIB Retracement on the LOG scale. Therefore, the current levels could be the best buying opportunity for XRP.
Looking at the volume, despite the bearish impact, bullish volumes have been strongly prevailing since the 2022 drop. Hence, this could be a positive indicator for the XRP price. From an Elliot wave perspective, this is a very strong setup. The price has a 1-2-1-2 nesting pattern, which is a bullish scenario. Hence, with the third wave, the price could trigger a healthy rise towards higher targets.
Now that XRP has partially won the lawsuit against the SEC, it does not mean that the impact has diminished, but a significant rise may come soon. However, the new developments in the lawsuit are favorable to the bulls, so there is no reason for the coin to continue its downward trend.
Therefore, once XRP successfully retests the interim support at $0.6210, XRP price could spark a nice rally that could pave the way for a healthy rise to the yearly high of $0.93 at the 1 FIB level.