The post XRP Bulls Well in Position: Can They Trigger a Fresh Upswing to Hit $1 in January 2024? appeared first on Coinpedia Fintech News
The crypto markets are trying hard to halt the bearish trend that was triggered during the last trading day. With the Bitcoin price plunging below $42,000, market participants appear to have fallen in distrust, which triggered over $300 million in long liquidations. This also caused the XRP price to drop below the crucial support, while the probabilities of a bullish breakout continued to loom over the rally.
The price began to trade in a descending trend soon after it faced rejection at the highs around $0.73 in the first few days of November. The price closed the yearly trade within a consolidated range, flashing the possibility of the start of the bullish year 2024. Unfortunately, the upswing that lifted the price above $0.61 created a boomerang impact, punching it close to $0.55 in no time.
With the bullish start of the day, the price is trying hard to ascertain a rise above the bearish claws, but the token appears to have to go way longer to do so.
The XRP price is trading within the pre-defined range within a decisive pattern, which suggests the token may continue to consolidate for more time before reaching the apex. The trade within the decisive triangle is still in play, with a minor possibility of a bearish pullback. The recent pullback caused the price to plunge below the crucial levels at 200, 100, 50, and 20-day MA levels. Besides, the DMI is also on the verge of flashing bearish signals, which suggests a fresh descending trend may be fast approaching.Â
Therefore, the XRP price is believed to continue trading towards the south and eventually reach the lower support at $0.55. This may further trigger a bullish rebound, with the rally sustaining within the pattern. However, the volume remains comparatively low, indicating the trend will remain sideways for the next few days, followed by a bullish rebound back to the range.
