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Is there a new price rally at Ripple?

  • Bitcoin price has broken through major resistance and is headed for the psychological $ 50,000 mark.
  • Ethereum price breaks the $ 3,716 resistance level, suggesting a surge to $ 4,000 is imminent.
  • The Ripple price is fighting with the supply level around $ 1.36, above which an increase to $ 1.70 would be possible.

The Bitcoin price saw its upward trend slowed several times in the past week. However, the recent rally appears to be making a second attempt to break that barrier and restart the bull market.

Ethereum, Ripple and many other Altcoins have already started the rally and in some cases have reached new all-time highs.

Ripple price continues to rise
The Ripple price has consolidated since the end of November 2020 and formed higher highs and lows. Connecting the trend lines along the higher highs and higher lows creates an ascending parallel channel.

So far, XRP price has managed to bounce off the lower trendline on July 20, and it has also proven to be resilient to corrections, suggesting the presence of strong buyers.

Recently, Ripple bounced off the second hurdle at $ 1.09 and is on the verge of hitting the resistance level at $ 1.27. If the bulls manage to hit a crucial close above $ 1.27, it would confirm the start of a new uptrend and push XRP price 36% to the third hurdle at $ 1.70.

In a very bullish case, Ripple could continue that spike and tackle the 2021 high of $ 1.96 or take the uptrend one step further by trying to retest the all-time high at $ 3.31.

RippleXRP / USDT 1-day chart

Ripple price has held above support levels without major setbacks, suggesting that investors are still poised to accumulate. Hence, XRP price needs to stay above $ 1.01 for any chance of sustaining the upswing.

A break of $ 1.01 would create a lower low and invalidate the bullish thesis. This move is likely to trigger a 16% sell-off to $ 0.842.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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