Ripple Reaches Crucial Levels—A Breakout From Here Could Push the XRP To $5; But Will It Happen in 2024?

The post Ripple Reaches Crucial Levels—A Breakout From Here Could Push the XRP To $5; But Will It Happen in 2024? appeared first on Coinpedia Fintech News

As the markets are heading towards the last few days of the yearly trade, the volatility was expected to increase following a notable rise in the volume. However, the current trends suggest that the liquidity within the markets is slowly contracting, which could be a bullish signal for cryptos like XRP. Presently, the XRP price has been facing massive upward pressure over the past few days while the bulls are managing to keep up the trend. Therefore, the upcoming couple of days are expected to be crucial for the XRP price rally that has reached crucial levels. 

The BTC price is trading above $101K, which helped the XRP price to rise above $2.5, which remained for a while. The bears jumped in no time, causing over 4% dump in a few hours, which may suggest the start of a fresh rejection. Meanwhile, the volumes have been squeezed, which suggests a fresh influx of volume is about to enter the platform, pushing the XRP price rally beyond the consolidation. 

The daily chart of XRP suggests the price to be stuck within a descending parallel channel and is about to validate a rejection from the resistance. The technicals have also not been in favour of the bulls at the momentum, which indicates a plunge below $2 could be imminent in the coming days. Meanwhile, the weekly chart reflects the token to be in danger as the bullish strength appears to have waned to a large extent. 

The weekly OBV has displayed a bearish divergence while the Ichimoku cloud is about to flip from bullish to bearish. This could be a massive bearish signal, but a massive drop follows each time the OBV levels undergo a huge expansion. However, the price has experienced enough bullish support as the buying pressure remains above the average range, suggesting the bulls remain vigilant, indicating a quick rebound could be fast approaching. 

Having both the bullish and bearish prospects alive, the upcoming weekend may have a major impact on the XRP price rally. If the price manages to sustain above $2, then the trade may reclaim the lost levels and quickly rise above $3; otherwise, a restest to $1.9 could be imminent.