XRP price in the past couple of hours been making huge moves which have boosted the asset by more than 15%. The price action may be speculated as a result of extreme bearish pressure mounted over the past 10 days. While the buying volume has accumulated that could nullify most of the bearish impact, yet the possibility of a price drain also makes room.
Therefore, Will Ripple’s (XRP) price maintain the current upswing and secure the levels above the crucial resistance? Or else face rejection to the lower support by the month-end?
Bullish Case for XRP Price
The top 6th asset has been trading passively within very narrow regions for more than a month after the May crash. While it recorded huge daily bearish candles but failed to accumulate bullish pressure. However, after a range-bound consolidation between $0.34 and $0.3, the XRP price broke above and surge by more than 15% to hit the resistance at $0.37. No doubt the price is currently facing a minor bearish action, but it could be settled out very soon.
As seen in the above chart, the XRP price has dropped hard as an outcome of a massive descending trend and reached the lower support just above $0.3. After a brief consolidation, the price quickly surged high, gaining more than 15% since the early trading hours. Currently, after registering the daily highs, the asset has experienced a correction of 3% which in turn indicates the resurgence of an upswing soon.
The Ripple price is required to secure its levels above the immediate resistance levels at $0.4 to maintain a notable bullish trend ahead. Else the price may face rejection, dragging back below the resistance at $0.37 and in the worst case could also plunge below $0.3.
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Bearish Case for XRP Price
One such bearish case also emerges amid the recovery phase, where-in XRP price is feared to plunge hard if the patterns repeat. In the hourly chart, the XRP price appears to mirror a previous upswing that resulted in a notable plunge of more than 12%.
However, this drop is after a couple of rejections from the upper resistance. Currently, the XRP price is also on the verge to get rejected from the resistance that may drag the price to $0.35. Here one can expect a rebound back to the resistance as it happened before, which may eventually end up slashing hard to the lower support.
Collectively, XRP price despite not hovering in a decisive phase still manifests both the possibilities of surging high as well as dropping hard. Therefore, the day’s close may turn the tables for the asset that may determine the upcoming price action.
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