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The post This is when Ripple(XRP) Price May Break the Resistance & Set to Surge Beyond $0.5 appeared first on Coinpedia Fintech News
Ripple price in recent times has been displaying immense strength as it appears to be self-assured of a healthy upswing. Meanwhile, the recent updates of the ongoing Ripple vs SEC lawsuit which is turning in favor of the company is also impacting the XRP price to a large extent.
The XRP price ignited a significant upswing, a month ago and surged nearly 70% to reach $0.548. Presently, the asset has set up a notable upswing from the lows around $0.438, while the bears are trying to restrict the price below $0.4629. While the token is expected to continue to shed some gains, the XRP price is manifesting the possibility of a significant rebound beyond $0.5 very soon.
Source: TradingviewThe XRP price underwent a fake breakout recently and trapped the bears below $0.425 as it continued to drop lower breaking the support at $0.44. However, the price quickly rebounded and raised beyond the descending parallel channel, manifesting the possibility of reaching $0.48. Meanwhile, the bears have become more dominant since the early trading hours due to which a notable pullback within the channel appears imminent.
Furthermore, after the price slumped hard in May, the price consolidated hard but the daily active address spiked. The addresses raised from 55K to as high as 0.2 million in just a week, followed by which it dropped heavily below 35K. Ever since the addresses found its lows at 33.7K, the user’s trading activity raised slightly which impacted the XRP price too.
However, the addresses continue to remain restricted below 0.1 million which further indicates equal bullish & bearish pressure. Hence, the XRP price is expected to remain consolidated but if it manages to remain above the parallel channel through the weekend, the monthly close may be expected notably bullish. Therefore, levels beyond $0.55 may also be imminent by the end of October 2022.
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