3 Reasons Why XRP Coin May Boast Your Portfolio In 2023

Brian Bollinger
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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The ongoing correction in XRP coin price is following a famous bullish pattern called the ‘flag pattern’. This continuation pattern encourages a temporary retracement phase to replenish the bullish momentum as it eventually leads to a sustained recovery upon the breakout out of its resistance trendline. By the press time, the Ripple coin price was $0.395, with an intraday of 0.55%. However, excluding the influence of flag pattern, there are three reasons why XRP price may witness significant rally in 2023

XRP coinSource- Tradingview

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Formation Of Bullish Pattern

The XRP price in the weekly time frame chart shows the formation of a double bottom pattern. This bullish reversal pattern is often spotted in the market bottom and could lead to a significant Bull run. 

During this pattern formation, the prices rebounded twice from particular support indicating strong accumulation from traders. Amid the recent recovery in the crypto market, the XRP price bounced back from the $0.311-$0.371 support zone and is currently forming the right wing of this pattern.

In ideal consolidation, this bullish pattern may drive the price to the $0.55 neckline resistance of this pattern. Anyhow, a potential breakout from this neckline will trigger the bullish pattern and intensify the buying pressure in the market.

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XRP Coin Near To A Strong Support Zone

TradingView ChartSource- Tradingview

As mentioned above the $0.311-$0.371 level formed the base support of the double bottom pattern. Over the past seven months, the XRP price has rebounded from the mentioned support, indicating the buyers are actively accumulating at these levels.

The multiple reversals indicate this level has prevented aggressive sellers from plunging the coin any lower. Thus, the sidelined buyers waiting for any entry opportunity could buy around the $0.311-$0.371 mark.

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Bullish Signal From Technical Indicator

While the XRP price action seems nearly sideways, the weekly RSI slope indicator shows an evident rise. The Relative Strength Index (RSI) is a popular technical analysis indicator used to measure the strength of asset price action by comparing the magnitude of its recent gains to its recent losses.

Thus, the bullish divergence in the RSI slope indicates the increasing buying pressure at $0.311-$0.371 support and a higher possibility that traders may follow the double bottom pattern.

  • Resistance Levels: $0.422 and $0.55
  • Support Levels: $0.38 and $0.361
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.