As the cryptocurrency space rises above the bearish influence, top cryptocurrencies are also trading close to important resistance. Moreover, the price of XRP continues to show strength after the final ruling in the Ripple and SEC lawsuit came out in favor of the company. Despite the price failing to reach the $1 milestone, the bulls held the token above the pivotal support line until market sentiment reversed from being broadly bearish.
The current trading setup suggests that the XRP price is undergoing a parabolic recovery, which could hit the neckline any time from now. As the token is trading within a cup and handle pattern, a final move towards the north may complete the pattern, placing the token at the neckline. The level could be considered the neckline of the pattern, at around $0.70, and a small rise from current levels would be enough for the price to achieve this.
What are your future plans? Will XRP price trigger a healthy uptrend to reach $1?
As mentioned above, XRP price is closer to achieving a ‘cup and handle’ pattern during the daily period. RSI has reached its upper resistance level, while MACD indicates that buying pressure is just starting to build. Therefore, it is believed that the price will end the week on a strong note after receiving equal pressure from both.
As trade becomes more active toward the end of the year, transaction volume is expected to increase significantly. XRParmy, which is slowly becoming more optimistic about year-end trading, could help level up with a huge influx of purchases. Taking short-term trading into account, the price continues to trade within the bullish flag, so breaking out of the structure could see the token reach its target of around $0.73 and $0.8 by the end of 2023. Additionally, XRP price may be headed in the following directions: The next target is $0.933, which could lead to a further rise above $1 in the first few days of 2024.