XRP Price Action Hints a Bullish Breakout as the Token Gears Up to Smash the $0.5 Target

XRP price is gaining strength as the levels remain elevated while the other tokens face a notable bearish heat

XRP price encountered a notable rejection at $0.47, which triggered a minor pullback in the recent rally. Nevertheless, the technicals appear to be optimistic and suggest the price could continue to rise towards the immediate target of $0.5.

Bitcoin price again breached the crucial resistance at $58,000, and the buying volume remained elevated to some extent. While other tokens are facing the mounting bearish pressure, XRP price has triggered a significant run towards the target at $0.5. The token faced multiple rejections before marking the range, and an uninterrupted upswing may kick in anytime, which could lead to a 12% rise shortly.

After the downfall that began at $0.72 in March, the price remained consolidated within a falling wedge. The token dropped heavily after reaching the edge of the pattern and plunged over 15%. However, the token seems to have completed the corrective phase after rising from the lows at $0.4, and hence a fresh ascending trend could be fast approaching.

As mentioned above, the XRP price has started a strong recovery and is expected to maintain a similar trend for the next few days. The OBV has displayed a bullish divergence while the MACD is about to undergo a bullish crossover. This suggests the bulls are entering the platform which may attract significant liquidity as the volume appears to have drained to a large extent. However, the trading activity has risen to some extent as the active address count has soared above 30,000 after remaining confined below 25,000 for a couple of days.

The platform has witnessed a huge rise in the active address count, over 40,000, a couple of times, which suggests the traders continue to remain vigilant, observing every possible move of the XRP price rally. Currently, the price is trading at $0.4465, up over 1.5% in the past 24 hours, while the entire market is fighting the bearish heat. Therefore, the XRP price is believed to maintain an ascending consolidation and reach $0.5, probably during the coming weekend.🎜

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