Ripple XRP price continues to recover after the massive sell-off on Monday. Bulls and buyers are looking to extend this bounce for another day. Now, the digital token is poised to pass the next resistance level, which threatens to dampen the recent rally.
On Monday, Ripple XRP price collapsed below three major support levels. It fellow below the Kijun-Sen, Tenkan-Sen, and the Ichimoku Cloud. The most significant of which was its fall below the most substantial level of the Ichimoku system.
However, the bulls are trying to get the control back from bears. The major holders of XRP kept the price above the Senkou Span A despite the crypto market-wide selling pressure. Since then, the coin has been positioned to test the support level it came from in the Ichimoku support zone.
The bullish conviction for the XRP is now being tested. The price of Ripple XRP is approaching a crucial turning point for its buyers. While this rally was impressive, this upswing could quickly stop it if the bulls fail to push the token past the three Ichimoku levels at $0.750 and $0.785 levels.
As it stands, the bulls need to make a consistent daily close at $0.79 to ensure XRP’s recovery. If this happens, Ripple XRP could return above the Ichimoku Cloud. This rally may also become the first true Ideal Bullish Ichimoku Breakout for the XRP since November 4, 2021. The push towards the $1.00 mark will become very likely if the token closes at $0.79 daily.
However, there are still risks. Other than external factors such as the notorious lawsuit and the major concern in the world’s geopolitics today, the XRP’s current volatility is a cause for concern. While it may look like bears have control of the market, the recent rise in XRP bulls and mega whales is balancing the scales.