Will the Rising XRP Price Retake $0.585 Mark?

XRP Price Prediction: The XRP holders greatly benefitted from the recent uptick in the crypto market, as the price shows consecutive growth for the last six days. Amid this recovery, the buyers gave a bullish breakout from the two-month-long wedge pattern as a sign indicating the conclusion of the correction phase. Under the influence of this pattern, the XRP price is likely to witness further growth, offering more entry opportunities to interested traders.

Also Read: Latest: XRP Lawyer’s Bold Prediction, XRP Price To Hit $2

XRP Price Daily Chart

1. The rising XRP price breakout above the $0.485 resistance accelerates the buying momentum among traders.
2. The $0.55 stands as a crucial supply zone for market buyers
3. The intraday trading volume in the XRP is $513.4 Million, indicating a 15% loss.

Source- Tradingview

In the daily time frame chart, the six consecutive green candles show promising signs of recovery in the XRP price. From the weekly low of $0.4431, the coin price surged nearly 12.5% to reach the current price of $0.5.

Along with the wedge pattern breakout mentioned above, the buyers have also pierced a local resistance of $0.485 with a significant hike in volume activity. This breakout offered another entry offer for interested buyers and reflects further growth is plausible. 

However, as the XRP price has shown direction growth in the last few days, there’s a possibility for minor consolidation above the $0.485 level as it will stabilize excess selling pressure and check price sustainability at the higher levels.

Anyhow, the post-breakout rally could raise the price 16.4% higher to hit $0.58.

Will XRP Price Surpass $0.58?

A bullish breakout from $0.485 accelerated the buying momentum in the market and set the XRP price for a longer recovery. However, over the last eleven months, the buyers have failed to offer a daily candle closing above the $0.55 resistance. With the ongoing recovery, the price may show another breakout attempt, but the market participants would need a clear candle closing before expecting a rally above $0.548.

• Bollinger Band: The rising XRP price challenges the upper band of the BB indicator projecting a high momentum buying in XRP.
• Moving Average Convergence Divergence: The weekly MACD(blue) and signal(orange) are expanding in a positive alignment indicating the market trend gaining positive strength.