Momentum

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/xrps-effortless-behavior-raises-concerns-has-the-bullish-momentum-faded-away/">XRP’s Effortless Behavior Raises Concerns; Has the Bullish Momentum Faded Away?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
After the historical win of Ripple over the SEC a couple of days ago, it was believed that the XRP price may maintain a significant upswing without major pullbacks. The price did record the most bullish daily candle of a rise of over 100% for the first time since August 2021, but the recent price action raises many concerns over the upcoming trend.&nbsp; 
The lawsuit had inversely impacted the XRP price as the XRP Army was annoyed with the constant delay in the advancement of the case. This caused the price to maintain a sluggish trend below $0.55 for more than 12 months. However, the recent bullish action raised some hope for a bullish reversal, which seems to have halted due to the absence of intense bullish action.&nbsp; 
Presently, the price failed to surpass the multiyear resistance zone between $0.79 and $0.84, which may lead to a fresh descending trend, testing the lower support levels close to $0.5. 
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Considering the long-term projections of the XRP price, a larger scope for a bearish pullback emerges. Ever since the price faced rejection from the multi-year resistance zone, it has been recording multiple failed attempts at doing so. Hence, the bullish strength appears to have waned to a large extent, which may trigger a fresh bearish wave very soon. Besides, the RSI has just displayed a bearish divergence, which may now drag the price lower.&nbsp; 
The RSI has been trading along the rising trend line, which acts either as resistance or support depending on market sentiments. Previously, during the 2018-19 bear market, the RSI maintained an ascending trend, and a similar trend is seen at the moment. Therefore, if the price remained bearish until the RSI flipped its ongoing trend, then the price is believed to be holding a strong upswing, currently.&nbsp; 
Therefore, no doubt, the XRP price may witness a giant pullback in the short term, the trade set in the long term aims to achieve $1 before the end of the year 2023.&nbsp;

XRP’s Effortless Behavior Raises Concerns; Has the Bullish Momentum Faded Away?

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