Why XRP Price is Failing to Breach $0.48? Will Ever it Rise & Reach $1: Here are the Potential Layouts!
The post Why XRP Price is Failing to Breach $0.48? Will Ever it Rise & Reach $1: Here are the Potential Layouts! appeared first on Coinpedia Fintech News
The bears are successfully restricting the XRP price rally below certain levels, which has slashed the trader’s interest in the token. With a decline in its volume and a drop in volatility, the XRP price has maintained a steep descending trend, without displaying the possibility of a bullish breakout. While the majority of the tokens closed the quarterly trade on a bullish note, XRP seems to be struggling to defend the lower support, which raises concerns over the upcoming trend.
Is the XRP price dead? Will it never reach $1?
Here are the major issues revolving around the XRP price, indicating less trading activity over the platform. Some of the metrics suggest the bulls might witness some relief over the next few days, which surfaces two possibilities that may play out in the coming days in July. After consolidating within a bearish pattern for quite a long time, the XRP price formed a bullish pattern during the recent rebound.
This indicates a potential bullish move, which may lift the levels by more than 25% to 30% and reach $0.55.
As seen in the above chart, the XRP price has remained consolidated between $0.56 and $0.46 for over a couple of months. The prices have lost traction as the levels have bottomed along the key support zone and looking for an opportunity to rise. However, RSI has triggered a bullish reversal but has failed to rise above the average. Therefore, if the levels manage to surge above 60, then the XRP price could rise above $0.5.
Although the technicals flash bullish signals, the drop in trading activity raises huge concerns. The active address count has maintained a steep descending trend since the start of 2024. Therefore, with a drop in trading activity, the XRP price may have remained restricted within a range. Hence, only a huge influx of liquidity may increase the buying pressure, which may in turn uplift the levels above the sluggish range.
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