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The XRP price rises for the sixth consecutive day, registering a 17% growth. This bull run with substantial volume rise encourages buyers to break the neckline resistance of a double-bottom pattern. Thus, a bullish breakout from the $0.51 resistance level should further bolster price recovery and push the XRP/USDT pair to higher levels.
Key points from XRP price analysis:
- Completing the double bottom pattern encourages XRP price recovery
- A potential bullish crossover between the 20-and-200-day EMAs bring additional buying orders
- The intraday trading volume in the XRP is $2.47 Billion, indicating a 26% gain.
Source- Tradingview
The XRP price follows a rounding bottom pattern in the daily time frame chart. This bullish pattern sets the market trend as bullish or in the recovery phase. The coin price currently trades at $0.51 and shows a 61% growth within a month.
Despite the unfavorable market conditions, this phenomenal growth is influenced by the improvement in investors’ sentiment for XRP vs SEC legal case. However, the crypto market reacted negatively to the recent unemployment data as it increased the chance of a high interest rate in November.
As a result, the XRP price resonated between the $0.51 and $0.446 barrier for the last two weeks. However, this consolidation shaped a bullish double-bottom pattern. On October 7th, the coin price gave a bullish breakout from the neckline resistance of $0.51, accelerating the bullish momentum.
Today, the XRP price shows a negligible percentage change compared to yesterday’s closing, indicating the buyers are wrestling with sustaining higher prices. If the altcoin sustains above the $0.51 mark, the buyers could drive the prices 12.2% higher to the first target at $0.584.
On a contrary note, if the seller pulls the coin price below the $0.51 mark, the investors may witness a longer consolidation phase.
Technical Indicator
A bearish divergence in the daily-RSI slope indicates the recent consolidation allows the price to stabilize the prior recovery. Furthermore, the XRP price recovery has regained the crucial EMAs(20, 50, 100, and 200), offering additional support levels to encourage further price rally.
- Resistance levels: $0.58 and $0.648
- Support levels: $0.51 and $0.446
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/heres-why-xrp-price-is-set-to-extend-its-recovery-by-12/