Like many other digital currencies, XRP has gone through big ups and downs in recent years. In this article, we’ll take a look at how XRP has been doing since 2018, especially paying attention to the time it started going up a lot in December 2020.
Descending Channel (2018-2020)
During the summer of 2018 until December 2020, XRP found itself stuck in a descending channel. This meant its price gradually dropped with relatively low volatility.
Sharp Pump and Bull Market (December 2020 – May 2022):
Everything changed in December 2020 when XRP suddenly broke out of its descending channel, marking a significant shift in its trajectory.This marked the start of an exciting bull market that lasted until May 2022.
Ascending Channel (May 2022 – Present):
Since May 2022, XRP’s trajectory shifted to an ascending channel. Here, the cryptocurrency found support and resistance lines, with the price consistently testing the upper boundary of the channel.
Pump Expectation:
Currently, XRP is showing decreased volatility on the daily timeframe. In technical analysis, this often hints at an upcoming sharp price increase, indicating a potential new pump on the horizon.
Bullish Sentiment Confirmation:
The fact that XRP has held within the ascending channel for seven months without breaking the support line is a positive sign. The frequent testing of the upper boundary of the channel suggests strong bullish pressure.
Important Caveats:
While decreased volatility typically precedes a pump, it’s essential to approach this with caution. Market dynamics can change rapidly, so it’s crucial to keep an eye on any developments that might affect XRP’s price trajectory.
As XRP continues to move up in an ascending channel and its volatility decreases, investors may expect a possible rise in prices. Yet, it’s crucial to stay alert and adjust to any shifts in the market.
