Published 45 mins ago
XRP Price Prediction: Amid the recent correction in the XRP price, the coin holders witnessed a 25% loss from the peak of $0.585 over the last three weeks. This bearish pullback plunged the coin price to 61.8% Fibonacci retracement level at $0.44 support. In theory, this FIB level is a watchful mark as the price driven to such a low level also indicates weakness in bullish momentum. Thus, the recent uptick in the XRP price doesn’t confirm the resumption of bullish momentum.
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Key Points:
- A long-coming ascending trendline is the key support holding the bullish outlook in XRP price.
- A new resistance trendline directs the ongoing correction phase
- The intraday trading volume in the XRP is $479.5 Billion, indicating a 39% loss.
Source- Tradingview
On April 22nd, the XRP price rebounded from the combined support of $0.44 and 61.8 FIB level with a bullish piercing candle. This reversal candle at strong support increases the possibility of price recovery.
Today, the XRP price is down 1.48% but, if the buyers sustain above the midline of yesterday’s bullish candle, the coin will rise 6% to retest the $0.5 psychological mark as potential resistance. This level is crucial for coin holders in the coming week or two as a reversal sign from it will form a new lower higher which will encourage the resumption of further correction.
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If the XRP price breached $0.44 support in the near future, an ascending support trendline will remain the last support to maintain a bullish trend.
On a contrary note, if the bullish pullback gives a daily candle closing above $0.5 the buyers will gain an extra edge to reclaim lost ground.
Technical indicator
MACD: the increasing gap between the falling MACD(blue) and the signal(orange) line indicates the rising bearish momentum in the XRP price.
EMAs: the XRP price plunged below the 20-and-50-day EMAs fter five-week increases in the probability for a longer correction phase.
XRP Intraday Price Levels
- Spot price: $0.46
- Trend: Bearish
- Volatility: Low
- Resistance level- $0.496-$0.5 and $0.54
- Support level- $0.47 and $0.432
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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-xrp-price-poised-6-rise-coming-week-but-theres-a-catch/
