Bullish Pattern Fuels $XRP Price Rally to $0.6; Buy Today?

XRP Price Analysis: Despite the aggressive crackdown on the crypto market by the US SEC, the XRP price shows a promising bullish outlook by sustaining its higher levels. Amid the intense sell-off on June 5th and 10th, the falling altcoin shows a sharp reversal at the same level of $0.486, indicating buyers are not allowing the price to fall below this level. Thus, the $0.486 level stands as a crucial level to sustain recovery sentiment among market participants.

Also Read: XRP Price Ready to Soar 45% as Market Anticipates the Hinman Docs Today in Ripple vs. SEC

XRP Price Daily Chart:

1. The $XRP price obtains strong support from the $0.486 level
2. A potential breakout above $0.55 resistance could kickstart a massive recovery 
3. The intraday trading volume in the XRP is $1.5 Billion, indicating a 33% gain.

Source- Tradingview

Within a fortnight, the XRP price rebounded twice from the $0.486 support level. These two reversals show the formation of a double bottom pattern in the daily time frame chart. This chart formation is a sign of strong accumulation from buyers at particular support.

The last reversal from the $0.486 mark has surged the prices by 15.6% where it currently trades at the $0.558 mark. This rally shows a breakout attempt from the $0.55 neckline resistance, offering an entry opportunity to traders.

However, the $0.55 is a multi-month barrier that undermined several attempts from buyers to start a sustained bullish run. A potential breakout above this forbidden barrier with daily candle closing is needed to intensify the buying momentum that may push the price above $0.6

Will XRP Price Reach $0.6?

The XRP price impressively withstand the recent sell-offs in the crypto market and held its ground at crucial support. In addition, the bullish pattern formation could bolster buyers to breach the $0.55 resistance, setting a potential rally to the $0.6 psychological barrier. However, in case the buyers failed to do so, the XRP price could prolong its current consolidation phase for a few more days.

• Exponential Moving Average: The 20-and-50-day EMA has proven to be excellent support during the minor pullback in the current recovery phase.
• Vortex Indicator: The VI+ and VI- slope prevented a bearish crossover despite the increased bearishness in the market, indicating the overall sentiment among trades remains bullish.