Ripple Price Rises by 46% in the Last 48 Hours: Are You Late to the XRP Bull Party?

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XRP price was speculated to be dead as the token demonstrated more or less stagnant behaviour since the start of Q2. While the other altcoins were receiving enough buying pressure at frequent intervals, XRP failed to attract the masses. As a result, the token was struggling to reclaim the levels above $0.55 as the bears remained stationed at $0.5 and pushed the price lower after each contact. 

The price experienced an excessive squeeze which resulted in a massive breakout which brought the levels within a bullish range. Although the short-term price action and the technical formation suggest the price has just begun to swell and hence the upper target may not remain restrictive within a range. 

The bulls have become aggressive as the XRP’s 24-hour volume has surpassed the volume of Solana with a rise of over a billion. This historic breakout may mark the beginning of a fresh ascending trend which may push the prices close to the $1 milestone. 

The long-term price chart has become bullish as the levels have reclaimed the levels within the bullish pattern. The price has entered the ascending parallel channel after rising from the lows by over 45% in just 2 days. Besides, the weekly on-balance volume has triggered a bullish divergence while suggesting the rally has come under bullish influence. Therefore, the XRP price is expected to maintain a healthy upswing for the next few weeks and reach the average levels of the channel. 

Secondly, the MACD is showing a sudden drop in the selling pressure as the buying volume increased since the start of the week. This suggests there could be less scope for the bears to exert some pressure as the bulls appear to have gained a huge control over the rally. However, after rising to the upper range of the channel, the XRP price is not expected to barge in through the upper resistance but to maintain a healthy consolidation between the upper and the middle bands. 

If the bulls maintain a healthy consolidation for the rest of the year, the Ripple (XRP) price may reach the $1 milestone before the end of Q3 2024 or early Q4.