In a splendid move, the Bitcoin price soared above $64,000, suggesting the bullish action may have begun. While the other altcoins have already broken their respective resistances, including Cardano (ADA), the XRP price is failing to surpass the levels at $0.6. The token continues to closely consolidate below the range, while the volume remains drained below the average. However, the token remains within a bullish range and hence the traders may expect greener days ahead.
The weekly XRP chart suggests the price is expected to maintain a range-bound trade within the range for a few more weeks. The price is trading within a decisive symmetrical triangle in the long term and hence may continue to trade until the end of the year. The RSI trades along the average range, while the DMI levels go parallel to each other. Hence, no major change may be expected with the XRP price as the current trade set-up suggests the price may not reach $1 in 2024.
Will the XRP price remain consolidated below $0.75?
The short-term price shows the bears have held the resistance zone between $0.5935 and $0.5975 and offering strong upward pressure. However, the rally has approached the apex and hence a breakout could be imminent, probably during the coming weekend. The +Di & -Di are about to undergo a bullish crossover while the stochasticRSI triggered a bullish reversal, validating the bullish claim.
Unfortunately, the XRP price is experiencing massive upward pressure, which may compel the token to break the support and hit the interim lows. Hence, the market participants need to be vigilant until the end of the month.
