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XRP is currently finding itself in a bit of a pickle as the bulls and the bears are constantly trying to pull it to their side.
The price of XRP is currently stuck at around $0.41, which is a strong resistance mark and the bears are standing their ground.
The bears have decided that they will not be leaving the particular level unless the bulls are able to come up with a stronger buying power.
On the other hand, the XRP bulls are trying their best to push over the resistance mark but they do not have many bulls to make it happen.
Both sides are trying to win the match but they need to build up a stronger force to overcome each other.
XRP is hovering in the Uptrend Line
Although the situation is unclear at present, still the trading price of XRP is residing in the uptrend line. This means that despite the efforts from both sides, it is the bulls that have the trend in their favor.
Still, it does not mean that the bulls have any kind of upper hand against the bears. So far, the bears have proven that they will not be moved easily so the bulls will have to apply more pressure.
The current price action of XRP has ended up forming a triangle pattern that is in ascending order. This is a positive indication for the bulls, suggesting that the triangle will break as XRP moves over $0.41.
This means that the trading price of XRP has a higher chance of moving in the upward direction. This technical factor will be able to boost the confidence of the bulls, encouraging them to form a rally.
If they do end up forming in line and are able to come up with a stronger rally, then XRP’s price will eventually break above the $0.41 level.
XRP’s Rise to $0.51
This will trigger another chain of events where the trading price of XRP will continue moving in the upward direction.
After crossing the $0.41 level, the bulls will find themselves facing less pressure from the bears for a short period.
The bulls will have the opportunity of forming a rally to keep pushing XRP’s price until they come close to $0.45. This is the level where the resistance will rise again and the bears will gather to stop the bulls.
Here, the bears will pose an even stronger challenge for the bulls than the $0.41 level. However, the situation will be different at this level from the side of the bulls.
The bulls will be in a stronger force and spirits coming close to the $0.45 level. If the bulls continue building momentum while reaching this level, then the price of the asset may succeed in crossing it.
After crossing the level, the bulls will have their confidence level increased to an even higher level. They will have the opportunity of bringing in even more investors to their side wanting to support the rally.
If the buying power keeps on increasing with more investors joining the trend, then XRP’s trading price may surge to $0.51.
A Major Factor Helping XRP
It is quite surprising for the entire crypto industry to see XRP moving in the bullish zone despite the general bearish market situation.
This is because XRP has found its support directly from Ripple Labs which is currently facing off with the US SEC.
According to the experts, the US SEC does not have a strong case against Ripple Labs while the latter has provided enough evidence to prove its innocence.
There is a very high chance of Ripple Labs winning the case against the US SEC and bringing back the old respect for XRP.
With a clear win in sight, the investors have started rallying in favor of XRP, thus, the unusual price surge.
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