This indicates a potential shift of liquidity from the other tokens back to XRP, which is fluttering bullish signals for the token for the rest of 2024
The price of XRP has finally breached a crucial resistance level and risen above the prolonged descending consolidation, which could indicate a potential shift of liquidity from the other tokens back to XRP. This development is fluttering bullish signals for the token for the rest of 2024.
While other tokens have been making large moves, XRP price was largely considered dead as it barely moved regardless of the market dynamics, which varied frequently. The drop in volume and volatility often suggested a significant shift of focus of the market participants onto the other platforms.
However, the current trend suggests the price is about to make a large move as it has broken a 2-month accumulation period. The upcoming price action is expected to circulate bullish waves across the market, but the question arises: will the XRP price reach $1 before the end of 2024?
The XRP price has remained within a bullish range, even though the price failed to demonstrate giant moves similar to the other tokens. The token is testing the upper resistance of the descending trend line, which has been acting as a strong resistance since the time it faced rejection after hitting the highs in 2021. Interestingly, the price has followed a similar pattern since its inception, and if a similar outcome occurs, the XRP price may set a new ATH in 2025.
In the long-term chart displayed above, the XRP price appears to be preparing for a massive move as it is about to close the monthly trade on a bullish note. It has been following a trend wherein the trade begins by a breakout from the multi-year descending pattern, which further elevated the price towards new highs. The monthly RSI has risen above the average range above 51 for the first time in 2024, which is believed to trigger a fresh ascending trend hereafter.
Secondly, the Bollinger bands have been going parallel to each other regardless of being in the same position for nearly a year. This suggests the XRP price is believed to trigger a fine ascending trend if it manages to close the monthly trade above the triangle. The breakout usually pushes the XRP price to new highs as the trend remains elevated for the next few months, hinting towards the formation of a new ATH above $3.5 in 2025.
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