Analyst Master Ananda, in a recent analysis, showed the XRP price movements and what it could mean for the altcoin. This follows the last few days of retracement, when the XRP price has seen a number of days close in the red. But even these red closes have not deterred the bullish momentum. If anything, they could be showing where the cryptocurrency is headed next and how it could play out in the coming days.
Bullish Continuation Is Still In The Cards
After the XRP price crash from above $2.5 towards $0.23 this past week, sentiment have begun to turn when it comes to the crypto market. This has triggered speculations that maybe the bullish momentum has fizzled out and a bear run is on the horizon. However, Master Ananda does not believe that this will be a sustained retrace for the XRP price.
For one, the crypto analyst explains that even though the correction is red, the advance is still green, and the consolidation is in the blue. These factors suggest that the altcoin is still in a bullish consolidation. Therefore, it does not mean that the early XRP price advance has failed.
If anything, Master Ananda explains that the way the XRP price has been moving, it shows an extension of the consolidation phase. Thus, there is a high chance that the bull rally would continue as the present consolation is still bullish as the price is still growing slowly despite the sideways movement.
XRP Price Still Looking Good
Since Wednesday last week, the XRP price has turned to the red territory. But interestingly, the red closes have once again stopped at four red days, with Sunday turning green. As the analyst explains, since August 2024, there have not been more than four red daily closes for the XRP price. Thus, this could mean that the market is still sticking to the bullish trend.
The green daily close also shows that despite the bullish consolidation being slow right now, it is still on the move. As long as this holds, then it is expected that the XRP price will see a bullish advance. The only downside the crypto analyst sees is that the wait for this bullish advance can get long and boring.
“It can grow slowly but surely for months and then boom, out of nowhere a sudden jump,” Master Ananda said. “But still, it is growing daily and that’s what is most important if you are holding this coin.” The target from here still remains $3 as the XRP price is expected to keep moving forward through the consolidation.
Featured image from Dall.E, chart from TradingView.com
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