XRP Price Poised for a 6% Drop Before the Bullish Recovery Resumes

After witnessing massive growth in March’s third week, the XRP price is currently going through a minor correction phase meant to recuperate the exhausted bullish momentum. Over the past six days, the coin price tumbled 10% from the peak of $0.56 resistance and currently trades at the $0.5 mark. Furthermore, interested traders may find long entry opportunities in the pullback before the uptrend continues.

Key Points:

• The formation of a double-bottom pattern maintains a bullish outlook for XRP
• The ongoing correction is XRP price may witness strong support or $0.475 support.
• The intraday trading volume in the XRP is $1.57 Billion, indicating an 11% gain.

Source- Tradingview

On March 30th, the XRP price rally turned down from the multi-month resistance of $0.56 and triggered a new correction phase. With the increasing FUD in the crypto market, the coin price has breached combined support of $0.508 and 0.236 Fibonacci retracement level encouraging sellers for further downfall.

If the coin price shows sustainability below the $0.508 mark, the sellers may drive the prices 5% down to hit another local support of $0.475 at 0.382 FIB. Anyhow, the current correction should not breach to 0.618 FIB level at the $0.423 mark to maintain its overall bullish outlook.

Also Read: XRP Lawyer To Testify On Crypto Policy; Ripple Lawsuit To Affect?

Having said that, the down-trending price backed by decreasing volume indicates the ongoing downfall is temporary. Thus, the price sustainability above the aforementioned level could replenish the bullish momentum and bolster buyers to challenge the $0.56 neckline of the double-bottom pattern.  

Technical Indicator

Moving Average Convergence Divergence: A potential bearish crossover between MACD(blue) and signal(orange) could encourage XRP price retracement. 

EMAs: the 20-day EMA moving near the $0.475 mark and the 200-day EMA at $0.43 increases the support strength of these levels.

XRP Intraday Price Levels

• Spot price: $0.49
• Trend: Bullish
• Volatility: Medium
• Resistance level- $0.51 and $0.56
• Support level- $0.47 and $0.45