Here’s When XRP Coin May Trigger A Sustained Recovery Rally

XRP Price Prediction: Despite multiple events in the past two months, which caused massive price swings in the majority of major cryptocurrencies, the XRP shows a restricted movement within two downsloping trendlines. Though these falling trendlines reveal the formation of a falling wedge pattern, the XRP price wavering with short-body or long-wick rejection candles indicates the market participants are struggling with uncertainty and indecisiveness.

Key points: 

1. The ongoing correction phase has plunged the XRP price to 0.618 Fibonacci retracement level
2. The XRP price downfall will continue until the wedge pattern is intact
3. The intraday trading volume in the XRP is $1.04 Billion, indicating a 34% loss.

Source- Tradingview

While the XRP price defies market sentiment on massive price swings, it has strictly followed two downsloping trendlines of a falling wedge pattern. The coin price bounced off the pattern’s converging trendline multiple times indicating the traders’ response to this pattern and should do the same for its potential target.

As of now, the XRP price trades at the $0.3 mark and is 16% down from the last swing high of $0.431. Furthermore, the space between the two trendlines is now narrowed enough to be considered a no-trading zone. 

Also Read: Top Crypto Copy Trading Platforms For 2023

Therefore, the traders waiting for a long-entry opportunity should wait for a decisive breakout from the overhead trendline. This breakdown will release the trapped bullish momentum and offer buyers a significant footing to resume the prior recovery rally.

The post-breakout rally may drive the prices to the following targets $0.43, $0.476, and $0.51

 Technical Indicator

MACD: the multiple crossovers between the MACD(blue) and signal(orange) lines accentuate the uncertain market sentiment among traders.

EMAs: The flattish EMAs(20, 50, 100, and 200) actuated a sideways trend in XRP. The coin price moving below these daily EMAs indicates the sellers possess trend control.

‘XRP intraday price levels

• Spot price: $0.36
• Trend: Bullish
• Volatility: High
• Resistance level- $0.4 and $0.43
• Support level- $0.356 and $0.33