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The crypto markets nowadays have become passive without manifesting any significant price action. The volatility has again dropped to ground level after experiencing a minor upswing in recent times. Primarily, Bitcoin continues to remain stuck in a minor region, which has compelled the entire crypto space to remain indifferent.
In the meantime, the XRP price is displaying chances of undergoing a bullish breakout, which may even attract huge profits. The current trading setup indicates the price is on the edge of prolonged consolidation. This breakout could to attract massive profits, which may even range to a 3-digit figure too.
The XRP price is currently retesting the major trend line from 2022, which suggests a bullish rebound could be fast approaching if the bulls display some strength. This trend is also a part of the ascending parallel channel on the daily chart, which strengthens the support. Besides, the price is also supported by a strong 0.618 FIB retracement on the LOG scale. Therefore, the current levels can turn out to be a good buy time for XRP.
But Why?
Considering the volume, it can be seen that the bullish volume has been prevailing strongly since the 2022 drop despite the bearish influence. Therefore, it may be a positive indicator of the XRP price. From the Elliott wave perspective, it is a really strong setup. The price has a 1-2-1-2 nest, which is a bullish case. Hence, with the 3rd wave, the price may trigger a healthy upswing towards the higher targets.
Interesting Read: XRP’s Security Status: Attorney Deaton Offers Insight Amidst SEC Appeal In Ripple Vs SEC lawsuit
Now that XRP has partially won the lawsuit against the SEC, it doesn’t mean the impact has faded, but a steep jump may be fast approaching. However, the new developments in the lawsuit are in the bull’s favor, leaving no reason for the token to maintain a descending trend ahead.
Therefore, the XRP price could to trigger a fine upswing once it successfully retests the interim support at $0.6210, which may pave the way for a healthy upswing to reach the 1 FIB level at the yearly highs at $0.93.
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