As Bitcoin approaches key resistance levels, market attention appears to be focused on the star cryptocurrency, while the altcoin market remains relatively quiet.
However, high-profile altcoin XRP has emerged from its decline pattern and is showing signs of an impending breakout.
With Bitcoin prices approaching all-time highs, the bull run appears to have officially begun. Although the altcoin market cap has not yet reached $1 billion, XRP, a closely watched representative, has rebounded from a bearish state, signaling that a new bull market is coming.
Despite the bearish impact on XRP price, the long-term trend remains upward. Bulls have steadfastly defended support levels on every bearish turn, signaling their strong presence by breaking through key resistance levels. XRP price surged above the uptrend line and a successful retest could clear the path to new yearly highs.
The volume has remained at an average level for a long time, indicating a normal level of participation by market participants. However, this has also led to huge volatility in the XRP price, which has made several attempts to break through the descending trendline. As the price of Bitcoin continues to hit new highs, the market sentiment has also become optimistic, and the price of XRP has risen above the key resistance zone, triggering expectations of a strong bull run in the future.
Technical indicators show that XRP prices still have room to rise. The daily RSI is slowly rising to 66.41, and once it breaks through 70, it may confirm the start of a new round of rise. Secondly, the price has touched the upper track of the Bollinger Bands, but has not yet expanded, so a deep correction is less likely.
Although the sentiment favors the bulls and market participants are optimistic about an upcoming rally, it is unlikely that the XRP price will lose the local support of $0.58. Therefore, a fine push could overturn the bearish thesis, but achieving the $1 milestone will still take time.
