The price of XRP is consolidation just below the level of $1.4, but the technical structure continues to show bullish strength. Interestingly, according to Coinmarketcap data, XRP has fallen by approximately 4.35% in the last 24 hours, hitting a 24-hour low of $1,296.

According to XRP analysis on TradingView, the technical setup continues to point to continued price growth. Analysis suggests that XRP could rise further soon, with the short-term price target set at $1.90.

The price augment for XRP continues

The surge in XRP prices earlier this month was unprecedented. Notably, the price of XRP rose from a low of $0.4976 on November 3 to reached a three-year high of $1.6 November 23. This means a price augment of 220% in 20 days.

However, since hitting a three-year high, XRP has entered a correction phase, retreating by almost 20%. Despite this price correction, XRP is largely above the major trend line that has supported the price during its rally.

In the current situation technical analysis shows that the price of XRP will soon bounce or break below this trend line, which could set or continue the price trajectory from here. Holding on to this major trend line would mean that XRP would rebound higher, just as it did on November 24th. After rebounding at this point, XRP continued from a low at $1.2775 to retest the $1.54 price level on November 24.

Now that the XRP price is testing this major trendline again, the more bullish option is to immediately bounce higher. A breakout of the gains would mean that XRP would resume its upward trend all the way to the $1.9 price level. With this in mind, the analyst highlighted critical price zones that could shape XRP’s trajectory in the coming sessions. The range between $1,520 and $1,620 has been identified as a key area where the price may face forceful resistance in the coming sessions.

What’s next for XRP?

At the time of writing, XRP is trading at $1.39 and continues to trade around this major trendline. However, the price has not yet seen a decisive rebound from this level. In particular, the current price action indicates continued consolidation over the past few hours.

While the XRP price continues to show signs of bullishness, there is a possibility that: break into the negative. This downside breakout will be highlighted by a daily close below $1.38. If this happens, XRP will likely extend its decline by retesting the next significant support at $1.32.

Featured image created with Dall.E, chart from Tradingview.com