XRP price: Will the Flare Network airdrop trigger a rally to $1.00?

[rakitzogi]

XRP price: Will the Flare Network airdrop trigger a rally to $1.00?

XRP has broken out of a multi-year bear market but old resistance zones must now flip to new support for the rally to continue.

As Bitcoin (BTC) has been in the spotlight in recent months, the altcoin XRP (XRP) has been doing reasonably well in its own right. Bitcoin’s rally has been associated with institutions and Wall Street jumping on this new asset class and digital store of value. Meanwhile, XRP has broken out of a multi-year downtrend to regain momentum as well.

However, XRP price has not been able to break the $1 barrier yet despite the Flare Network airdrop now just around the corner scheduled for Dec. 12.

Is this recent move a classic example of "buy the rumor, sell the news" or should more upside be expected?

XRP/USD has been showing some impressive numbers in recent weeks as the token rallied from $0.22 to a peak high of $0.80. This is classic XRP price action as the rallies are vertical and volatile instead of organic and gradual. The recent move is not an exception with the price soaring in a matter of days.

However, the recent move broke through a multi-year downtrend, as the chart shows. This downtrend was broken, establishing a new higher high. In fact, this is the first higher high since the bear market started in January 2018.

Additionally, a smaller rally occurred in August, which lifted the price of XRP from $0.16 to $0.33. After that move, the price of XRP corrected to its previous resistance area at $0.22. This correction marked a bullish support/resistance flip, after which the massive move towards $0.80 occurred, hitting as high as $0.90 on Coinbase last mo.

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