The bulls believe that XRP may turn into a critical support
- The price moves unlike other cryptocurrencies.
- XRP’s unique behavior has attracted a lot of attention from the bulls.
- A decline in the $0.35 area could generate a bullish sentiment that would reverse the direction of XRP.
In a season when the prices of most cryptocurrencies have skyrocketed, the price of XRP has embarked on a consolidation process that has caught the attention of cryptocurrency users. It rose with big fluctuations, surpassing the $26,000 price level. It has overtaken the second largest cryptocurrency by market cap and other altcoins.
Almost all of the other 10 coins on CoinmarketCap, with the exception of XRP, rebounded in unison. XRP’s unique behavior has sparked interest, drawing close remarks from bulls who may be targeting a potential bounce from the next important support.
Source: TradingView
As can be seen from the behavior of the XRP price, the bearish trend seems to be running out of steam, with the recent daily candlesticks reflecting an overtly bullish sentiment. However, given the recent behavior of the token, these offers do not guarantee a trend reversal. At best, it reflects the growing interest among the bulls who may be looking for a better entry point to push the token higher.
A break below the $0.35 area could send XRP down to the most important support between $0.3333 and $0.3375. However, there is minimal expectation that the price will drop to such a low level, considering that the crypto market in general is reflecting a bullish trend, and XRP is considered one of the best cryptocurrencies by many cryptocurrency users.
Previously, XRP price was heading lower when an attempt to rally above $0.4 failed. On rejection, the price saw an 8% decline, which might not seem significant under normal circumstances. However, what is more important is the technical behavior of XRP which depicts a bearish trend that could push the price further down.
As of the time of writing, XRP is trading at $0.3714, with bearish momentum that could see the price drop to the strong $0.35 area. Falling into this area might justify the popular bullish trend that could see the price rebound towards $0.4 area.
Post Bulls Believe XRP May Consolidate Critical Support First In Coin Issuance.
