The XRP price is currently in a bullish position, entering a "markup phase" according to a crypto analyst. The price went through a markdown phase followed by an accumulation phase, and is now in the markup phase where it is starting to recover. Breaking a resistance level at $0.7345 could lead to further growth. Despite a recent pullback, XRP is still showing bullishness and increased trading volume. Currently trading at $0.69, up 1.63% daily and 21% weekly.
Our analysis of the situation
Introduction:
The recent pullback in the XRP price hasn't dampened the spirits of its passionate community. In fact, the sentiment remains optimistically bullish as crypto analysts identify a promising phase called the "markup phase" that XRP has entered. Let's dive into this exciting development and explore the potential for XRP's continued growth.
The Markup Phase: A Sign of Recovery:
According to a well-known crypto analyst, XRP has transitioned from the markdown phase into the accumulation and now the markup phase. After a surge in price following Ripple's victory over the SEC, XRP experienced a markdown phase, witnessing a drop from $0.9 to $0.45. This paved the way for the accumulation phase, during which the price remained mostly below $0.55. But now, it's time for the markup phase.
The Strength of the Markup Phase:
The markup phase marks the recovery of the XRP price, displaying its resilience and potential for further growth. However, as with any rally, it faces resistance from the bears, who try to suppress its upward trajectory. To solidify the bull rally, the analyst emphasizes that it is crucial for bulls to break the resistance at $0.7345. This level has already proven challenging, leading to a rejection once on Monday. Yet, if conquered, the price could soar to a high of $0.8, signifying a major milestone for XRP's bullish journey.
Potential Challenges and Corrections:
Although the markup phase brings hope, it also comes with potential challenges. The analyst warns that XRP might face rejection at the resistance level, as seen in lower timeframes. In such a scenario, a correction towards the $0.55 support level could be anticipated. Nonetheless, the overall bullishness in the XRP market suggests that investors remain undeterred and maintain a high level of interest.
XRP's Bright Outlook:
Despite the recent drawdown, XRP has exhibited resilience and garnered increasing interest from investors. In the last day alone, its daily trading volume has surged by 32%, surpassing $3.3 billion. Currently priced at $0.69, XRP has recorded a daily gain of 1.63% and an impressive 21% increase on the weekly chart. These figures underscore the enduring enthusiasm surrounding XRP's potential.
Conclusion:
As XRP continues its journey through the markup phase, excitement and optimism fill the air. The significance of breaking the resistance level at $0.7345 cannot be overstated, representing a critical milestone for bulls to keep control of the price. With increasing trading volume and strong investor interest, XRP's bullish rally appears poised for further success. Let us watch closely as XRP charges ahead in the crypto landscape, undeterred by recent setbacks.
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Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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