XRP Price at a Crucial Juncture as Bulls & Bears Fight Hard for Supremacy
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XRP’s inclusion in the crypto strategic reserve is looked at as a monumental step that could bolster the strength of the platform. With this, the price of XRP triggered a massive upswing and cleared a couple of resistance zones at $2.27 and $2.89. However, the bears seem to have capitulated the zones around $3, which triggered a rejection and the confirmation of tariffs on Canada & Mexico dragged the levels by more than 20%.
Currently, the bulls are trying hard to elevate the levels above the previous day’s close, but the bears are offering significant pressure, keeping the price restricted below $2.35. So what’s next? Will the XRP price lose the pivotal support at $2 or reclaim the lost dominance and achieve immediate resistance?
The price had broken above the lower highs and lows but after the rejection, the token seemed to have entered within the same pattern. The bears seem to have held a tight grip over the rally, which suggests flashing bearish signals for the crypto. Besides, an entry into the demand zone is expected to attract significant liquidity, which is much required to push the price beyond $2.8. However, the technicals have turned bearish, which suggests the lower targets zone between $2 and $1.96 have been activated.
The daily chart of XRP suggests the bulls are defending the local support at $2.272 but in the wider perspective, the bears appear to be preparing for a massive price action. The price has reached the lower bands of the Gaussian channel, which has already turned bearish. A drop below the range may certify the price reaching the bottoms. Meanwhile, the MACD, which is in the negative range, is about to undergo a bearish crossover after witnessing a minor bullish flip.
Therefore, the XRP price continues to remain under massive bearish influence and could eventually drop to $2 or levels slightly below the range. On the other hand, a rise above $2.5 may delay the bearish action but a surge above $2.8 could squash the bearish possibility. In recent times, the SEC has dropped investigations and lawsuits on multiple crypto platforms, which has raised speculations of a closure of the lawsuit with the SEC.
However, the analysts and XRP proponents believe it may take another couple of months and hence till then, the price is believed to maintain a slow yet steady rally.
