The XRP price was considered "dead" as it had been stagnant since the beginning of the 2nd quarter. While other altcoins have seen constant buying pressure, XRP has failed to attract investors. Therefore, while the bears held steady at $0.5, it pushed the price lower and XRP struggled to reclaim levels above $0.55.
The price experienced extreme compression, resulting in a major breakout. Short-term price movements and technical formation have raised hopes for XRP's rise. These developments show that investors' interest in XRP has revived. XRP's 24-hour trading volume surpassed Solana's volume, exceeding one billion dollars, and the bulls became even more aggressive. This historic breakout could signal the beginning of a new uptrend in which prices could approach the critical $1 level. The bulls are trying to push the price up to maintain this momentum.
XRP Price Analysis
This positive performance indicates that XRP may gain more value in the future. The uptrend continues to be a source of interest for investors and market analysts. If the bulls maintain this momentum, the XRP price may surpass important levels and make huge gains in the coming days. The long-term price chart of the altcoin shows a positive outlook with levels regaining. The price entered a parallel ascending channel, gaining over 45% from the lows in just two days. Additionally, the weekly balance volume shows that the rally is under bullish influence.
MACD (Moving Average Convergence Divergence) reveals that the purchasing volume has increased since the beginning of the week and there has been a sudden decrease in sales pressure. This suggests that the bulls may have gained greater control over the rally, thus narrowing the scope for the bears to apply pressure. After the XRP price rises to the upper range of the channel, it is not expected to pass through the upper resistance, but it is predicted that a healthy consolidation may continue between the upper and middle bands.
If the bulls continue this consolidation for the rest of the year, there is a possibility that the Ripple (XRP) price will reach the $1 level before the end of Q3 or the beginning of Q4 2024. This scenario points to the potential for XRP to exhibit strong performance in the long term and keeps investors' interest alive.
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