Published 16 seconds ago
XRP Price Prediction: The XRP price has been in a correction phase for the past three weeks. From the last swing high of $0.586, the prices have tumbled around 20% which pulled it to the 50% Fibonacci retracement level at $0.47. This support level accompanied by other technical levels could bolster coin buyers to resume a bullish rally. Should you grab this pullback opportunity now?
Key Points:
- Multiple supports aligned at $0.47 could bolster buyers for a minor upswing of 5%
- The XRP price may maintain its overall bullish outlook until the 0.618 FIB level at $0.43 is intact.
- The intraday trading volume in the XRP is $1.52 Billion, indicating a 5.59% gain.
Source- Tradingview
With the Bitcoin price failing to sustain above the $30000 psychological support, the crypto market faced additional selling pressure this week. As a result, the XRP price has been falling for three consecutive days and plunged to its current price of $0.4709.
However, the coin price is currently hovering above a concentrated support zone protected by $0.47 horizontal, 0.5 FIB, and 50-day EMA slope. This combined support could offer a significant footing for buyers to push the coin’s market value higher.
Also Read: 15 New Cryptocurrencies To Buy In 2023
Moreover, the decreasing volume and increasing lower price rejection candles increase the possibility of price reversal. Thus, the altcoin price will likely rise 5% and hit the $0.496 flipped resistance.
The battle between buyers and bears at this aforementioned level will significantly influence XRP’s future price as a breakout above it will signal an uptrend continuation but a possible reversal may form a new lower high and encourage further correction.
Thus, the coin holders should be watchful at the $0.496 barrier.
Technical Indicator
RSI: The daily RSI slope plunged below the midline indicating a negative sentiment is rising among market participants.
EMAs: the 100-and-200-day EMAs wavering near the $0.43 level created a crucial support zone to maintain an overall bullish trend in XRP price.
XRP Intraday Price Levels
- Spot price: $0.47
- Trend: Bearish
- Volatility: Low
- Resistance level- $0.496-$0.5 and $0.54
- Support level- $0.47 and $0.432
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-xrp-price-stands-at-crucial-fibonacci-support-will-bullish-recovery-continue/