The markets have been notably bullish as the star crypto Bitcoin made a move beyond $17,000 after undergoing a squeezed trend below these levels for a long time. The bullish trend uplifted most of the popular altcoins beyond their respective resistance levels.
Ethereum price raised beyond $1300, Cardano price surged above $0.3, Shiba INU price is approaching $0.00001, etc but the XRP price continues to consolidate below $0.35.
The XRP price ranged high went the rest of the markets were withstanding significant bearish pressure. But no when the markets have turned bullish, the price remains consolidated within the same ranges.
Have the investors ditched XRP? Why the price is failing to reach $0.4?
Now its time for the Bitcoin price is required to hold for a while which may enable the XRP price to squeeze out bullish momentum that may result in the retest of the declining trend line. In case of a bullish breakout, the price may revisit the interim highs at $0.374 which is acting as the greatest hurdle at the moment. However, it appears to be pretty unlikely as the outlook for the asset is optimistic.
Therefore, investors need to be very cautious in entering long positions as a sudden selling pressure over the Bitcoin price could trigger a sell-off, erasing the past week’s gains. Moreover, if the XRP price breaks down below $0.33 it may invalidate the bullish outlook, paving way for the asset to revisit the lower support at $0.316.
Written by: Sahana Vibhute
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