Ripple’s native token XRP experienced massive selling pressure in the past couple of days and hence the price also slumped equally. The XRP price had eventually dropped to the levels which were recorded at the beginning of this month.
The price was feared for a further dip, however, it bounced back in the early trading hours. Moreover, it formed an inverted Head & Shoulders pattern and attempts to break the neckline of the pattern.
As mentioned in the chart, the XRP price is attempting hard to break the neckline of the H & S pattern. The price needs to test $0.88 levels successfully in order to head strongly towards $1. Further, a fair uptrend above these levels may reinstall the bull rally.
However, according to a popular analyst D.I.Y Investing, the current XRP rally is more similar to that of the 2014- 2017 Bitcoin rally.
The analyst says that like bitcoin reached its all-time high, XRP also is expected to follow the same. But whether the words, ‘it’s scary’ points out towards the following steep plunge, remains unclear.
Collectively, XRP price may surge only if it successfully breaks the $0.88 barrier. Moreover, the advances in the Ripple-SEC case also adds up to the XRP price rally. And if the 60-day extension which is opposed by Ripple stands correct, the price may get a bigger boost to propel above $1.