At the time of writing, XRP is trading at $0.6003, up 1.13% in the last 24 hours.
If the price manages to jump above $0.61 level, then it will likely test $0.63 level.
There was no substantial price movement in the cryptocurrency market during the last 24 hours, and XRP was no different. Nonetheless, a long-term bullish pattern emerged on XRP’s weekly price chart, suggesting that this may be the prelude of a huge bull run. Regardless of the price volatility, the formation signals the likely beginning of bullish momentum.
The weekly price movement of XRP led to the establishment of a long-term downward channel. During XRP-specific market stagnation in July of last year, this structure occurred. Ever since then, the structure has remained intact.
Bull Run Anticipated
Trading volume for XRP fell along with the price, according to Santiment statistics. Current investors are hesitant to sell their XRP at cheap prices, according to this favorable perspective.
The market has just undergone a dramatic change, with XRP seeing a dearth of bearish action and a flood of bullish liquidations. According to the most recent statistics from CoinGlass, $2.04 million of long holdings were liquidated in the last 24 hours, while $264,310 of short holdings were liquidated.
This is occurring when XRP is experiencing what is often referred to as a “crab market,” in which the price of the cryptocurrency remains flat due to the lack of a discernible trend. Basically, the price is in the consolidation phase.
At the time of writing, XRP is trading at $0.6003, up 1.13% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 0.57%. If the price manages to jump above $0.61 level, then it will likely test $0.63 short-term resistance level. Conversely, if the price falls below $0.59 level, then it will likely decline further to test $0.54 support level.
