Ripple’s recent price movements signify strong bullish momentum, with buyers dominating the market. Despite a possible short consolidation period, XRP is approaching the $2 milestone, making it more likely to reach that target by year-end. The weekly chart indicates a significant sell-off following the SEC lawsuit, which led to a 85% decline in price, followed by a period of low-volatility consolidation.
However, buyers returned with strength, pushing XRP to break through key resistance levels and approach a local peak of $1.9. Although bullish sentiment remains strong, caution is advised due to the RSI indicator reflecting an overbought condition. A brief consolidation or correction may precede further upward momentum, with $1.3 as the primary support during any potential pullback.
The 4-hour chart reveals more details of Ripple’s breakout dynamics. After encountering resistance at $1.3, the asset entered a consolidation phase, forming a sideways triangle pattern. This allowed the RSI to retreat from overbought levels and settle at equilibrium. XRP then surged, breaking the triangle’s upper boundary and signaling a bullish continuation.
The cryptocurrency reclaimed the $1.3 threshold and advanced toward $2. While the bullish momentum is evident, a bearish divergence between the price and RSI suggests possible exhaustion. Additionally, supply near the $1.9 resistance zone increases the likelihood of a consolidation phase in the near term.
This temporary pause may allow the market to stabilize before XRP attempts to achieve new highs.
Source
<p>The post Ripple on the Rise: Bulls Dominate Market as XRP Approaches $2 Milestone first appeared on CoinBuzzFeed.</p>
