XRP price in the early trading hours had risen above the upper barriers and broke out from the ascending triangle. However, the price soon experienced another dump, which still maintained along with the lower levels of the triangle. 

The price which was attempting very hard to close the monthly trade above $1, yet failed to do so. The price plunge depleted the XRP’s bullish momentum and hence entered a phase of a healthy consolidation.

However, the XRP price may rally higher than the current levels once done with the consolidation. According to an analyst Blockchain Backer, XRP shorts have been liquidating at a greater pace and hence a healthy bounce back may be on the cards.

While the XRP/USD Shorts have been playing interesting games, potentially whales messing with retail investors…

One thing that can’t be ignored is that the XRP/USD Longs are incredibly low, the lowest in 4-years.

There isn’t much liquidity to chase by going down.

Optimistic. pic.twitter.com/sejGFKHjBq

— Blockchain Backer (@BCBacker) June 1, 2021

The analyst also said that the whales are buying the positions left by the weak hands and even accumulated more during the recent crash. And the XRP longs are notably low, lowest in the past 4 years. Therefore, the current pullback may be due to these XRP shorting, yet the longs which have just HODL their positions 

Also Read: XRP Price Struggles to Find Support at $1 While Still Trying to Bounce Back!

XRP Price Analysis

XRP price had the most unfavoured monthly close. Although,, the price again revisited the lower most levels, yet it rebounded within no time. Accumulating as much as the green candles, in the past couple of days, XRP price appears to have sustained above $1 comfortably.

Despite the narrow trend, the trading volume appears to be huge which may be a major factor for the sustained price. However, currently the price is required to surge forward towards the next set targets, else the previous levels around $0.8 would be imminent.

Technical Specifications

• The resistance levels are at $1.08
• The support levels are at $0.97
• The indicators are currently neutral
• At the press time the XRP price is $0.9982 with a jump of 0.93%

Also Read: What Is Hindering XRP Price Rally To Rise Above And Hold Above $1?

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Source: https://coinpedia.org/price-analysis/xrp-price-most-bullish-weekly-and-monthly-close/