Ripple (XRP) price consolidated just below the $0.40 level after frequent rejections. The price declined to $0.38 and with the current price setup, it is poised to test lower levels in the coming days. On the other hand, the slight rise in the markets may help it to rise above this consolidation.
XRP price it has since marked 2021 highs close to $2. It is trading in a bearish, falling wedge. Despite many attempts, the price failed to break above the consolidation. However, the bull seems to have accumulated enough strength at the moment and therefore a significant price increase is about to occur.
Tolberati, a well-known analyst, Ripple priceHe believes that coin is closer to doubling its price first to hit the POC of the symmetrical triangle around $0.81, or even higher near $0.94. These regions are among the high liquidity regions. Therefore, once the bulls break above these levels, it is believed that they will rise above the $1 levels, where the XRP price could trigger a good bull run.
Koinfinans.com As we reported, the analyst also highlighted the formation of a failing head and shoulders pattern as the price continues to move within a falling wedge pattern. The price is consolidating exactly at the wedge trendline and therefore a bullish-green candle can form anytime from now on. Moreover, Elliott Wave analysis shows that a 3-wave structure is formed everywhere.
As a result, Ripple continues to maintain its price trend and manages to take advantage of it as the market continues its uptrend. But it is still critical for the bulls to stay strong.