• XRP price has been trading within a very narrow range from past few days indicating the revival of a consoldaition phase.
• The markets have been notably bullish as the star crypto Bitcoin made a move beyond $17,000 after undergoing a squeezed trend below these levels for a long time.
• While the markets turn bullish, the XRP price continues to maintain a consolidated trend in a pre-defined range.
The cryptocurrency market has been on a roller coaster ride in the past few days. After a period of tremendous bearish pressure, the markets have finally turned bullish. The star cryptocurrency, Bitcoin, has made a move beyond $17,000 after undergoing a squeezed trend below these levels for a long time. This bullish trend has uplifted most of the popular altcoins beyond their respective resistance levels. Ethereum price raised beyond $1300, Cardano price surged above $0.3, Shiba INU price is approaching $0.00001, etc. But, one crypto asset that has been left behind is XRP.
XRP price has been trading within a very narrow range from past few days indicating the revival of a consoldaition phase. The XRP price ranged high when the rest of the markets were withstanding significant bearish pressure. But now when the markets have turned bullish, the price remains consolidated within the same ranges. This has led to the question – have the investors abandoned XRP? Why the price is failing to reach $0.4?
Analysts believe that the current squeeze of the XRP price is due to the lack of sufficient buying pressure. Moreover, the declining trendline is acting as a strong resistance which is preventing the price from a bullish breakout. In order for XRP to move beyond $0.4, the Bitcoin price is required to hold for a while which may enable the XRP price to squeeze out bullish momentum that may result in the retest of the declining trend line.
However, it appears to be pretty unlikely as of now as the XRP price is still in a consolidation phase. While the fundamentals of XRP are still strong, investors should keep in mind that the price is still dependent on Bitcoin’s performance. If Bitcoin fails to hold at these levels, it could lead to a pullback in the XRP price. Therefore, it is important for investors to do their own research and make an informed decision before investing in XRP.