Can XRP Price Resume Recovery Once Market Uncertainty Subside?
The XRP price struggling with high volatility revisits the local support of $0.398. By the press time, the altcoin trades at $0.39, with an intraday loss of $0.13%. However, a formation of Doji candles at support indicates a higher chance of a bullish reversal. This potential reversal may resume the ongoing consolidation for a few more trading sessions.
Key Points:
- A bullish breakout from $0.432 will release the XRP price from the current consolidation phase.
- A potential bullish crossover between 50-and-100-day EMA will accelerate the bullish momentum.
- The intraday trading volume in the XRP is $1.4 Billion, indicating a 39% gain.
Source- Tradingview
On January 20th, the XRP price gave a massive breakout from the multi-month resistance of the $0.396-$0.393 zone. This bullish breakout offers coin holders an opportunity to regain higher levels and prolong the recovery rally further.
However, with the rising uncertainty in the crypto market, the XRP price turned sideways above the breached resistance. Thus, over the past two weeks, the coin price has been resonating between the $0.432-$0.396 mark forming a short consolidation phase.
However, this sideways trend could be beneficial for the Ripple coin as it will validate the price sustainability at higher levels and recuperate the exhausted bullish momentum. However, in this state of consolidation, the coin price is likely to break out of the pattern in the same direction as the preceding trend.
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Thus, the XRP price is more likely to break the overhead resistance of $0.432 which will signal the resumption of the bullish rally. This breakout could drive the XRP price 17% higher to hit $0.506.
On a contrary note, a breakdown below $0.393 will invalidate the bullish thesis.
Technical Indicator
EMAs: the 50-and-100-day moving near the $0.393 mark increases the support strength of this level, and adds more odds of an upside breakout.
Relative Strength Index: the daily RSI slope wavering at the midline indicates the market sentiment is neutral.
XRP Intraday Price Levels
- Spot price: $0.39
- Trend: Bearish
- Volatility: High
- Resistance level- $0.435 and $0.45
- Support level- $0.393 and 0.372
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