XRP Price May Remain Consolidated Below $0.55-Decoding the Possibility of A Breakout to $0.6 This Month

The post XRP Price May Remain Consolidated Below $0.55-Decoding the Possibility of A Breakout to $0.6 This Month appeared first on Coinpedia Fintech News

The crypto markets are heading towards the weekend trade, where the volatility of the large-cap usually takes an upshift. Nevertheless, the XRP price does not display the possibility of a breakout as the bears have conquered the rally that may close the weekly trade on a bearish note. However, the price could hold above the support at $0.48, which may keep the bullish hopes alive. 

After BTC and ETF, the want for an XRP ETF has intensified. Recently, Ripple CEO Brad Garlinghouse said that the launch of the XRP ETF could be just a matter of time. On the other hand, the Ripple vs. SEC lawsuit is also advancing, with new updates rolling out every new day. However, the XRP price has remained less impacted by the fundamental advancements, which suggests the token could remain consolidated for some more time ahead. 

After plunging from the highs of $0.66, the XRP price has been trading within a narrow range but within an ascending parallel channel. Besides, the RSI has remained consolidated within the lower bands, suggesting a massive drop in the strength of the rally. However, the volume remains within an average range, indicating an equal interference of bulls and bears over the platform. 

The price has been consolidating below the 200-day MA for over a couple of days and as the RSI remains drained, the possibility of the price testing the support zone between $0.51 and $0.509 could be pretty high. After a brief consolidation within the zone, the XRP price is believed to trigger a rebound but surpassing $0.55 could be a tedious job for the token.