The post Ripple Price Analysis: Here’s What You Can Expect From XRP Price in the Next 6 Months appeared first on Coinpedia Fintech News
The traders appear to have moved out of the XRP trade as the volume is diminishing every new day. With a huge drop in the strength of the rally, the bearish outlook hovers over the XRP price, but it could remain for a short time frame. The token has remained stuck around $0.5 for over a few weeks with less volume and volatility. Therefore, with less interference from bulls, the price may face a fresh bearish spell to attract fresh liquidity to the platform.
Considering the current trade setup and market sentiments, the price is believed to initiate a fresh bullish spell if the bulls manage to close the weekly trade on a bullish note. Being indifferent to the other popular tokens in the market, the XRP price in the weekly chart has been trading within a rising parallel channel after rebounding from the 2022 bear market. Therefore, the price in the longer time frame suggests a continuation of the trend and will reach $0.85 in the next six months.
The chart suggests the price is closely consolidating within a range and the next 6-month projection suggests it can move before many of the major altcoins. One of the major reasons to be bullish on XRP is the extended consolidation. The last bullish wave occurred 308 days before (above 10 months), which includes a waiting period of 6 to 8 months between each bullish wave. Therefore, an extended consolidation after the correction is largely considered bullish.
Second, the XRP price has been producing higher lows since March 2020, indicating that bulls have an advantage in the chart’s long-term trajectory. While the other tokens experienced a significant upswing, the XRP price remained consolidated and gained less profit, although it initiated the bullish wave much earlier than the others.
Therefore, the current trade set-up suggests that the Ripple (XRP) price is likely to move big in late 2024 or 2025 as the trade is approaching the end of the accumulation phase and reach $1 at the earliest.