XRP Price Displays the Possibility of a Potential Breakout; Will It Flip Bitcoin?
The XRP price is extending its rally, gaining more than 3.8% in the past 24 hours and a cumulative gain of over 10% throughout the week before. The growing speculation over the Ripple vs SEC case has strengthened the XRP price. The token recently registered a huge trading volume on South Korea’s two major exchanges, Bithumb and Upbit. Hence, this indicates the growing attention of market participants to crypto.
Now that the price is gaining some strength, how long can it take to reach $1?
The recent upswing triggered a rise above the bearish pattern but it is yet to confirm with a breakout. The bears have also been active which may not be a good sign of a healthy rally. However, the bulls still maintain significant strength and is expected to appreciate against BTC or may even flip Bitcoin as per a popular analyst, Dark Defender.
After the recent breakout, the price soared above descending trend line. Although the bears attempted to drag the price lower, bulls triggered a rebound each time. Moreover, the weekly RSI is trying to break the descending trend that flashes a significant bullish trend ahead. A breakout may uplift the XRP/BTC price to 0.000025 BTC in the next few days.
Now that the XRP price has been printing consecutive bullish candles, the strength of the rally appears to have soared high. Additionally, the outcome of the Ripple and the SEC case which is believed to come in favor of the company may have a larger impact on the value of the token. Hence, the closure of the lawsuit may propel the XRP price to $1 very quickly.