Bitcoin, Ethereum, Polygon, etc and many more have made a huge move toward the north after an intensified upward trajectory kicked off last weekend. The top cryptos are flying high slicing through the immediate resistance and eventually attempting to seal the levels beyond their respective crucial resistance. On the other hand, the XRP price continues to hover within the same ranges, unable to break out from the immediate resistance.
Will XRP Price ever regain bullish momentum and smash $0.5 before the end of July’s trade?
Currently, the XRP price is looking to slice through the descending parallel channel by pulling a massive leg, beyond the channel. The bears restrict the price as they stand strong at $0.37, keeping the price restricted below these levels. However, no strong bearish pressure is withnessed and hence a notable upswing may light up soon.
The XRP price has to maintain the levels above the descending channel until the end of the day’s trade. This further may induce significant momentum that may compel the price to begin the fresh day’s trade above the channel. In such a case, the price may rise high slicing through the immediate FIB levels at 0.236 close to $0.4. After sustaining at these levels, achieving a 100-day MA at $0.46 coincides with 0.382 FIB levels.
Bullish Case for XRP Price
XRP price was severely hampered by the ongoing Ripple vs SEC case. Huge selling was registered after the lawsuit was filed in 2020. Mainly one of the XRP whales, and the co-founder of Ripple, Jed McCaleb constantly sold his XRP holdings. Now with the final batch of his holdings are out in the market, the XRP price is expected to find some stability ahead.
Now when Jed has got rid of all his 9 billion XRP, no fear of huge selling pressure may haunt the rally ahead. Therefore, a stable, yet slow rally may be expected in the upcoming days that may assist the price to regain its value above $0.5 initially and later above $1.