This Healthy Retracement Prepares XRP Price For a 10% Rise

XRP Price Prediction: On March 30th, the XRP recovery rally turned down from $0.56 multi months resistance and triggered a new correction phase. This correction phase is meant to absorb the selling pressure and replenish the bullish momentum for prolonged recovery. Thus, this retracement plunged the prices 14.2% down and reached the combined support of $0.48 and 0.328 Fibonacci retracement levels. Here’s how you may trade this pullback opportunity.

Key Points:

• The $0.56 level remains the key hurdle holding the possibility of uptrend continuation.
• A potential bullish crossover between the 100-and-200-day EMA will encourage more buyers to enter the market.
• The intraday trading volume in the XRP is $679 Million, indicating a 36% gain.

Source- Tradingview

.On April 3rd, the XRP price bounced back from the aligned support of $0.48 and 0.382 FIB levels. In theory, a correction to 0.236, $0.382, and 0.5 Fibonacci levels is considered a healthy retracement as the chances for buyers to recuperate the prior rally increase.

Thus, the XRP price bullish reversal from 0.382 FIB increases the possibility that the buyers may rechallenge the $0.56 barrier and surpass it. As of now, the coin price has gained 5.8% in the last six days and currently trades at the $0.50 mark.

Moreover, this price recovery has breached a local resistance of $0.5080 at the 0.236 FIB level increasing the possibility of a significant recovery. Today, the daily candle with a low price rejection indicates the buyers are defending the reclaimed level.

Also Read: Ripple Becomes The Only Platinum Partner In Global CBDC Symposium; XRP Price Set To Rally?

Thus, a potential rally may push the prices 10% higher to hit $0.56 which is also a key neckline of the famous bullish reversal pattern called the double bottom pattern.

On a contrary note, the bullish thesis will get weaken if the prices couldn’t sustain above $0.508 and plunged below 0.382 FIB

Technical Indicator

RSI: The daily RSI slope managed to sustain above the midline amid a recent correction indicating the overall market sentiment remains bullish.

EMAs: the rising 20-day EMA moving near the XRP price will give an additional push to drive the price higher. 

XRP Intraday Price Levels

• Spot price: $0.50
• Trend: Bullish
• Volatility: Medium
• Resistance level- $0.56 and $0.58
• Support level- $0.50 and $0.48