The top 10 cryptos were swinging with a notable margin and volume in the past couple of days. Yet some assets were trending in a very narrow region, XRP & ADA were among them. While Cardano price flipped from the downtrend successfully, XRP price appeared to have been waiting for a notable boost. No doubt no external factors like the Ripple vs SEC case may impact the XRP price, yet the strong hands seem to have been attracted to the asset at the discounted price.
XRP price despite going too long is failing constantly to smash the $1 which has become a milestone for the asset. Despite ranging high above $1, it quickly dropped down below the levels within no time with massive selling pressure. However, one good thing is the asset maintains strongly above the 100-day EMA pointing towards a bullish trend fast approaching.
The XRP price ever since has attempted to go high, swinging within an ascending parallel channel. The asset was well in place to rally high slicing through the upper levels of the channel, yet the fresh plunge dragged the price below the average levels. And since then the asset is consolidating and attempting to visit the higher levels slowly.
XRP Long-Term Analysis
However, in the long term, the XRP price appears to be extremely bullish as the asset is heading towards the crucial resistance levels just above $1.1 levels. These are the same levels where the asset was consolidating heavily before the price slash. Once these levels are cleared, immediately a notable price action may be expected.
The long-term forecast of the XRP price is pretty bullish as the price is attempting to bring in the resistance levels. With a successful pierce through, the asset reaches the apex of the pattern where-in a notable uptrend is imminent. The asset held the support strong and hence the recent drop was definitely not a bearish trend. Anyhow, the trading volume still remains the main constraint that needs to be overcome very soon.
Overall, it appears that the traders may not jump in until the price reaches above the crucial resistance levels. And later one can expect a healthy influx of liquidity and this is when XRP price tends to go parabolic and try to hover around the yearly highs.