The cryptocurrency market closes its quarterly trading session in a consolidation range as bears largely dominate the market. While BTC price struggles to stay above $70,000, altcoins are also finding it extremely difficult to sustain their upward trend. Meanwhile, popular altcoins like Ripple (XRP) are showing the potential for large-scale price action with unclear direction.
Over the past month, the price of XRP has maintained a sideways trend, failing to stay above $0.65. Long-term price action remains bullish, with levels consistently forming higher highs and lower lows on the weekly chart. This means that the bulls are maintaining significant strength within the rally and could maintain a similar trend over the next few weeks.
As mentioned above, XRP price is trading along an upward trend line that has long served as a major support line. The RSI is hovering around its average range, suggesting that bulls and bears are currently participating equally. This indicates growing trader interest in the platform while trading volumes struggle to remain within average levels. This could allow the upward consolidation to continue until the price reaches $0.9, with the target remaining around $0.55 in April.
The daily chart shows a slight decline in price, but the Gaussian channel remains strong, keeping hopes alive for a healthy uptrend. Moreover, MACD is close to triggering a buy signal, which could push XRP price above $0.65 initially, with a surge above $0.7 imminent if the bulls remain strong. Moreover, the upcoming Bitcoin halving is expected to be extremely optimistic for the entire cryptocurrency space, so positive trends may prevail.