Published 3 hours ago
XRP Price Prediction: Within a fortnight, the XRP price witnessed an aggressive rally and reached a ten-month high of $0.58. However, the buyers could not sustain at a higher level and plunged immediately below the $0.55 monthly resistance. Moreover, the long-wick rejection attached to the daily candle indicates the sellers are active at this level and could force a temporary pullback.
Key Points:
- A potential correction in XRP price will replenish the exhausted bullish momentum.
- A golden crossover between the 50-and-200-day EMA is a strong buy that could encourage more buyers in the market.
- The intraday trading volume in the XRP is $2.02 Billion, indicating a 36% gain.
Source- Tradingview
Amid the recent recovery, the XRP coin price tried to breach the $0.55 neckline resistance of the double bottom pattern. This bullish pattern is often spotted at market bottoms and indicates that the buyers are aggressively accumulating at lower levels.
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However, the $0.55 breakout attempt on March 29th failed and the daily candle closed below the mentioned resistance leaving a long-wick rejection. This rejection is a sign that sellers are aggressively defending the $0.55 resistance and buyers would need higher force to reclaim this level.
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Furthermore, the coin price shows more rejection candles at the $0.55 resistance level in the last few days, indicating a possibility for a bearish reversal.
As per the Fibonacci retracment level, the potential correction could obtain strong support at 0.236 FIB level at $0.51, followed by 0.382 FIB at $0.48.
Any further correction will gradually weaken the bullish thesis of the double-bottom pattern.
Technical Indicator
Relative Strength Index: The daily-RSI slope reverted from the oversold rejection indicates the buyers overextended the recent recovery, and thus a minor correction is needed to recuperate the bullish momentum.
EMAs: the XRP price trading far above the daily EMAs(20, 50, 100, and 200) also suggests a price retracment will stabilize the overall bullish trend.
XRP Intraday Price Levels
- Spot price: $0.534
- Trend: Bullish
- Volatility: High
- Resistance level- $0.55 and $0.582
- Support level- $0.51 and $0.47
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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.
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- Source: https://coingape.com/markets/xrp-price-prediction-supply-pressure-at-0-55-threatens-xrp-price-for-temporary-correction-buy-again/
