XRP price has been maintaining a stagnant trend for quite a long time and with the fresh price jump, the possibility of a significant rise materialises
With a bullish close for H1 2023, the XRP price is believed to remain under the bullish influence for the rest of the year, intending to reach $1 by the end
The crypto space after displaying a significant upswing since the beginning of the 2023 trade has been undergoing a minor correction in the past few hours. The asset has been extremely less volatile, and probably could be accumulating gains to propel high very soon. With a larger price action, the XRP price could reach $0.5 initially which may find higher targets in H1 2023.
The formation of the large inverted hammer a couple of days ago indicated that the sellers could imply huge pressure on the price and pressed the price lower. This broke many longs and compelled the price to remain consolidated along the support levels. However, some of the market participants quickly jumped in and accumulated the token at lower prices, enabling a notable upswing later.
The XRP price has been recovering in a parabolic way and hence subjected to reach the neckline with a gigantic rise of 75%.
The XRP price recently rebounded from the lower support zone and displayed its self-assurance in raising beyond the crucial resistance in the next couple of weeks. While the main goal of the price is to surge by more than 80% and close the bi-yearly trade close to or beyond $0.7, the XRP price may achieve it in 3 phases by setting 3 goals.
- Initially, the price may sink slightly to reach $0.30 to $0.31 to attract more players to jump in which may bring about more liquidity required to trigger a notable upswing
- The second goal of the rally could be the distract the competitors who have taken a long position over the past few months. This has been practiced before and may happen again where-in the price may range beyond $0.45 and try to reach $0.5 levels before the end of Q1 2023
- Undoubtedly, the bears could try to slash the price lower towards the descending trend line but eventually, the bulls may make it towards the crucial resistance residing at the ascending trend line, laying down the targets close to $0.7 by the end of Q2 2023.
With this, the Ripple (XRP) price may accomplish the cup & handle pattern to some extent and keep up the bullish trend for the rest of the year 2023.