Published 19 hours ago
XRP Price Prediction: Amid the recent sell-off in the crypto market, the XRP price prolonged its bearish correction and plunged to $0.37 local support. This strong footing should have bolstered buyers to resume price recovery but uncertain market sentiment has limited the recovery attempts. Thus, the XRP hovering above this $0.37 for the last five days accentuate indecisiveness among market participants. However, the falling channel pattern intact may assist buyers to change market trends.
Key Points:
- Though the falling channel pattern carries a steady downtrend, in theory, it’s known as a bullish continuation pattern, offering a long entry opportunity after the breakout of its resistance trendline.
- A potential breakout from this pattern’s resistance trendline will hint at a switch in market sentiment from selling on rallies to buying on dips.
- The intraday trading volume in the XRP is $469.7 Million, indicating a 37% gain.
Source- Tradingview
The XRP price continues its downward journey within the two trendlines showcasing the formation of a falling channel pattern. The coin price reverted from the pattern’s downsloping trendlines several times indicating the traders strictly respected this pattern.
The XRP coin currently trades at $0.379 and hovers above the local support of $0.37. The multiple Doji candles in the last five days indicate the price sustainability above the aforementioned support but also uncertainty among traders.
Thus, if the price could move above support, the buyers are likely to raise higher and rechallenge the overhead trendline. A bullish breakout from this resistance will be the key signal for trend reversal.
A daily candle closing above the trendline could offer buyers an entry opportunity and which could drive the prices above $0.4 and reach the $0.43 peak.
Having said that, the ongoing correction will continue as long as the prices are below the overhead trendline.
Technical Indicator
Relative Strength Index: the daily-RSI slope wobbling around the midline accentuates a neutral market sentiment
EMAs: The 20-50-and-100-day EMA moving just above the XRP price indicates the buyers have to face multiple resistance for a trendline breakout.
XRP Intraday Price Levels
- Spot price: $0.38
- Trend: Bullish
- Volatility: High
- Resistance level- $0.4 and $0.43
- Support level- $0.37 and 0.359
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-heres-how-xrp-holds-12-growth-potential-amid-market-uncertainty/