XRP price currently appears to have engaged in a strong upward movement post the recent rebound from the lows around $0.3. Presently, it is on a bullish trend with an increase of 2.61% in the last 24 hours. This trend is set to continue for the next 24 hours while the price may attempt to seal the levels beyond $0.33 or $0.34 by the day’s end.
In the last 24 hours, XRP Price has shown a little rise in value. The digital asset reached a high of $0.3159 and is presently trading near that level after opening at $0.3097. The cryptocurrency found support at $0.2975, which prevented additional losses.
The XRP/USD pair has established a descending channel on the 4-hour chart. The digital asset is presently trading near the bottom of the channel. If it breaks out of the channel, it could rise to $0.4315, after clearing the crucial resistance at $0.38.
If XRP fails to break out of the channel, support may be found at $0.2900. XRP is presently valued at $0.3139, up by 1.09% in the last 24 hours. The immediate resistance for the XRP/USD pair is at $0.4129, which is where the top end
XRP Technical Analysis
The 4-hourly chart of the XRP/USD pair has formed a bearish flag pattern. The digital asset is presently trading at $0.3217, approaching the bottom of the flag pattern. A break below this level would likely result in further losses in the near term, plunging close to $0.3.
On the contrary, a breakout may result to test the resistance levels that are located at $0.3300 and $0.35.
The RSI indicator is close to oversold levels, implying that the XRP/USD pair could be in for a corrective reversal soon. The MACD indicator, on the other hand, shows that the downturn has not yet been reversed.
On the whole, if XRP breaks out of the descending channel in the long term and rises to $0.4315, that would be an excellent sign. If the digital asset fails to break out of the descending channel, it may find support at $0.2900 on the downside.
XRP has much potential to rise in the market in the near future.
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Source: https://coinpedia.org/price-analysis/xrp-price-analysis-xrp-price-will-likey-drop-to-this-level-by-weekend/