NewsletterHere’s How XRP Price May Kick Start Its Recovery Rally
The XRP price daily time frame chart shows the formation of a flag pattern. This pattern is formed when there is a sharp upward movement in price, followed by a correction period with lower trading volume. A breakout from this consolidation signals the replenished bullish momentum and triggers a directional uptrend. The XRP price is currently going through the pattern’s correction period, waiting for its breakout.
Key Points:
- The daily chart showed a tweezer bottom candle pattern at the support trendline, which is an excellent sign of a bullish reversal.
- A bullish breakout from the pattern’s resistance trendline will release XRP from ongoing retracement.
- The intraday trading volume in the XRP is $527.5 Billion, indicating a 59.5% gain.
Source- Tradingview
Over the past three weeks, the XRP price has been steadily falling in the name of the correction phase of the flag pattern. The series of lower highs and lower lows are connected with two trendlines as shown in the above chart. So far, the correction phase has evaporated 14.34% in XRP market value as it currently reached a current price of $0.37.
However, with the release of January CPI data, the majority of major cryptocurrencies turned bullish and are trading in green. As a result, the XRP price rebounded from the lower support trendline of the pattern with an intraday gain of 1%.
With sustained buying, the coin price prolongs this recovery and eventually breaks the overhead trendline. This breakout will be a sign of a bullish trend resumption and may drive the coin price above $0.43.
Also Read: Top Crypto Discord Servers/Groups Worth Joining In 2023
On a contrary note, the pattern will remain trapped in a correction until the price remains within the two trendlines.
Technical Indicator
EMAs: a bearish crossover between the 20-and-100-day EMA may extend the ongoing correction phase.
RSI: the daily-RSI slope spotted low in bearish sorority indicates the market sentiment is still bearish.
XRP Intraday Price Levels
- Spot price: $0.37
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.337 and $0.395
- Support level- $0.33 and 0.31
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