The markets have begun to consolidate as the start of a new month turns out to be in bearish favor. The Bitcoin price drops by 1.74%, below $29,000, dragging the entire market cap to $1.16 trillion. While market sentiments continue to remain neutral, the possibility of an extended bearish wave emerges.
On the other hand, XRP, which has been drowning ever since the judgment on the Ripple vs. SEC lawsuit was produced, is displaying a huge possibility of triggering a fresh bearish wave, shedding all the recent gains.
In the short term, XRP’s price is largely bearish. Besides, in the long term, the token is believed to begin with a fresh bullish wave anytime from now. The fundamentals were in favor of the upward trajectory and now the technicals have also jumped in. Therefore, the XRP price is now believed to reclaim levels above $1 very soon.
Ever since the first bullish breakout in 2017, the XRP price has been following a pattern, as the monthly MACD and ADX are following a similar trend. Both have flashed a massive bullish signal for the first time in the past 24 months and hence expectations for a notable upswing have emerged.
Previously, during the previous breakouts, the XRP price was propelled high to mark new highs for the respective bull cycle. Now that a similar crossover has occurred, the possibility of a fresh upswing has emerged that may lift the price toward new highs.
Collectively, the technicals, fundamentals, and on-chain variations, point towards the XRP price, which is currently accumulating gains. Therefore with a slight change in the market sentiments, the price is believed to revive with a healthy upswing and begin with a fine rise soon.
Sohrab Khawas
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
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