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The XRP price tumbled by over 3% in the past 24 hours as the selling volume increased within the markets
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Despite the bearish pressure, the XRP price appears to be heading for a strong upswing as the rally has approached the edge of the consolidation
The XRP price is currently facing immense selling pressure, which has dragged the levels below $2.2 during the early trading hours. The token broke the key support levels and validated a continuation of a bearish pattern with the volume soaring above $2 billion, which suggests the traders could have jumped in to exit their positions. But what compelled them to do so?
Ripple’s XRP price has been influenced by multiple factors related to fundamentals and technical factors. The platform recently integrated with traditional finance rather than replacing it fully. On the other hand, Ripple took a different course and unlocked 1B XRP from the escrow amid the ETF buzz.
Unlocking a billion XRP adds a near-term supply risk, but the real impact hinges on whether it enters the open market. Hence, the XRP unlock cycle is sending mixed signals as Ripple broke their routine with a massive internal shuffle and locked most tokens back into an escrow account. So what’s next? How will the XRP price reach $5 as predicted?
The XRP price tested the upper resistance of a textbook weekly symmetrical triangle after months of consolidation. The token is trading within a bullish continuation setup and nearing a breakout zone. As the XRP price remains within an extended bear market accumulation from the 2022 lows to the last weeks of 2024. Therefore, once the price breaches the resistance of the pennant, the token may rise by nearly 500%, similar to the pole of the bull flag and rise above $4.5 and may probably reach $5.
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