Price Analysis

3 Reasons Why XRP Coin May Boast Your Portfolio In 2023

The XRP coin price may see a sustained recovery in the coming weeks under the influence of a double-bottom pattern. Enter now?
Published by
3 Reasons Why XRP Coin May Boast Your Portfolio In 2023

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

Source- Tradingview

Advertisement

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.

Advertisement

XRP Coin Near To A Strong Support Zone

Source- 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.

Advertisement

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
Advertisement

Share
Brian Bollinger

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

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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.

Recent Posts

  • Price Analysis

Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?

Bitcoin price continues to trade within a defined consolidation range as the broader crypto market…

October 8, 2025
  • Price Analysis

Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B

Solana price pulled back today, Oct. 8, mirroring the performance of the broader crypto market,…

October 8, 2025
  • Price Analysis

XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip

The XRP price continues to draw attention as market analyst, Ali Charts, warns of a…

October 8, 2025
  • Price Analysis

Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?

The BNB Coin price continues to extend its upward trajectory, reflecting consistent market strength and…

October 8, 2025
  • Price Analysis

ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?

The ASTER price has slipped by 2.37% over the past 24 hours, while the HYPE…

October 7, 2025
  • Price Analysis

Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone

Ethereum price could be on the verge of a strong bullish breakout in the coming…

October 7, 2025