After the bloodbath in the crypto space in the past couple of days, most of the crypto assets have regained bullish momentum. XRP price is also attempting very hard to catch up with the uptrend and remain above $1 levels. Yet the bears are very active and giving a very tough fight for the bulls.
However, the current rebound is still not enough to regain the lost positions. As the price is still trending with the descending parallel channel and a huge influx of liquidity could uplift the price. However, the probabilities of a massive leg up are still on cards as the asset is still trending within a pattern.
XRP price is probably forming a cup & handle pattern, it is following the same trend. And very soon a massive breakout may make its way out as an outcome that could uplift the price by more than 20%. However, $1.5 still remains the crucial zone to validate an uptrend.
But on the contrary, the trading volume could act as a barrier without meeting the required numbers. Despite the XRP price at the press time being $1.01 with a jump of 7.24% and market cap up by 7.39%, yet the trading vi=olume remains down by 1.57%. And hence new buyers need to jump in to increase the volatility in order to pull the next leg up.
Original Source :coinpedia.org
Want to receive the latest stock and cryptocurrency news and investing ideas that can help you make money ?! Subscribe to our newsletter. Enter your email below and hit the subscribe button.
If you want professional consultation regarding stock or cryptocurrency investing leave your information below and experts from our trusted partners will reach out to you