Published 42 mins ago
XRP Price Prediction: Despite an indecisive market sentiment, the XRP price continues with its upward march and prolonged bullish recovery. Today, the altcoin showed an 8% intraday gain and breached the last swing high resistance of $0.423-$0.42. This breakout indicates the buyers’ confidence to reclaim higher ground. When can you enter?
Key Points:
- On March 21st, the XRP price shows a long-wick rejection candle at the $0.475 mark, indicating a high supply pressure
- A bullish breakout from the $0.475 resistance could raise the XRP price by 15% to hit $0.55.
- The intraday trading volume in the XRP is $1.97 Billion, indicating a 29% gain.
Source- Tradingview
In the weekly time frame chart, the XRP price shows the formation of a double-bottom pattern. This pattern resembles a W-shaped structure, where the prices bounced back twice from the same horizontal level indicating the buyers are accumulating at lower levels.
This bullish reversal pattern can offer a long-entry opportunity once the prices break the neckline resistance level. By the press time, the XRP price traders at the $0.48 mark and as mentioned above have recently breached a significant resistance of $0.475.
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If the daily candle closes above $0.475, the buyers will get a tough footing to prolong its bullish recovery 15% higher to hit $0.55. Furthermore, the $0.55 barrier is the neckline resistance of the double bottom pattern and its breakout will be a strong signal for an upcoming bullish rally.
On a contrary note, if the daily candle closes below the $0.475 level by the day’s end, the coin holders can witness a minor consolidation phase.
Technical Indicator
Moving Average Convergence Divergence: the MACD(blue) and signal(orange) slope gradually rise higher into the bullish territory indicating a sustained recovery in the market.
EMAs: with the recent price surge, the XRP holders reclaimed the 50-and-200-weekly EMAs offering an extra edge on the buyers’ side.
XRP Intraday Price Levels
- Spot price: $0.474
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.51 and $0.0.55
- Support level- $0.42 and $0.36
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/xrp-price-prediction-will-xrp-price-reach-0-55-mark-before-march-end/