- Ripple (XRP) The price continues to shift in favor of the bulls and it might help break above $0.50 very soon.
- If the XRP price evaluates its current position well, it can rally by 20%. If this scenario happens, a large influx of investors into XRP may occur during the summer months and the price may move.
As the stock markets took a step back this morning, XRP price It seems to be disconnected from the correlation and instead seems to be showing bullish signs to the market, which looks like a classic pennant breakout with plenty of bullish sentiment behind it. If the XRP price can follow these tail winds, it could extend to $0.48 or even $0.50, gaining 20% and increasing profit taking.
Ripple Price Preparing to Rise
As the price action shows signs of a reversal, Ripple price Getting ready for its best week for 2022, now the bulls are starting to enter the trade. Inevitably, a breakout will begin once the pennant formation is complete. With soaring input and rising demand, expect this to happen soon.
After the pennant bursts, XRP price will trade above $0.4228 which won’t matter much as this level has been broken multiple times before.
Instead of that level, $0.48 will be more important as the monthly S1 just above creates a heavy level that prevents the bulls from further gains. A short drop and profit could be seen against this level, but as long as the bulls stay in the long run, price action will be in check, making it difficult for the bears to short the Ripple price. A daily close above $0.48 will be crucial going forward because once the level is tested for support, the rally has the potential to turn directly into a longer-term rally to at least $0.50 and possibly $0.62.
Keeping in mind that there is an ‘inflation’ problem in global markets, you will need to be careful while investing and trading. With less cash flowing into cryptocurrencies, there may also be a lack of investors to support the price action in Ripple and other major cryptocurrencies. Behind this, $0.30 could be set as the next price target in the rebalancing, resulting in a sustained revaluation on the downside.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.