Tech

Is XRP Price Poised for Major Upswing? Range Breakout May Trigger an 8.5% Jump

08/03/2023
Bitcoin Ethereum News

Published 2 hours ago

The ongoing correction phase in XRP price from suitable support at the $0.675 level. Amid the three weeks of sideways action, the coin price bounced thrice from the aforementioned level indicating the buyers are heavily protecting this support. Can this foothold replenish exhausted bullish momentum for resuming the price recovery?

Also Read: Will XRP Price Gains Come Undone As Federal Court Rejects Ripple Ruling?

XRP Price Daily Chart:

  • The coin price is trapped in a narrow range spread from $0.74 to $0.675.
  • The coin buyers are obtaining strong support from the $0.675
  • The intraday trading volume in the XRP is $1.297 Billion, indicating a 22.12% gain.

XRP PriceSource: Tradingview

The falling XRP price witnessed a major roadblock at $0.675 support. Over the past two weeks, the coin price has been hovering just above the aforementioned support but struggled to rebound with sustainable recovery.

This consolidation created a narrow range between the $0.742  and $0.675 levels, indicating a no-trading zone As of now, this fifth largest cryptocurrency trades at $0.6, with an intraday loss of 2.87%. With sustained selling, the coin price may rechallenge the bottom support with a breakdown intention and extend the downward trend.

The post-breakdown fall could tumble the altcoin price by another 8.5% and reach the $0.62 support

Can XRP Price Rise Back to $0.85?

If the overall crypto market shows improvement in the coming days, the $0.645 support will continue to hold and bolster buyers for an upside breakout. For the continuation of prevailing recovery, the buyers need to breach the $0.74 barrier with a daily candle closing. This breakout could lead to a bullish upswing of 14% to reach $0.85, followed by the $0.935 mark.

  • Bollinger Band: The squeezed range of Bollinger band indicators reflects high volatility in the XRP price.
  • Relative Strength Index: The RSI slope falling reflects the seller’s aggressive nature to prolong the current correction phase.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/is-xrp-price-upswing-range-breakout-an-8-5-jump/