Local Resistance Breakout Set XRP Price On 30% Upswing, But There’s catch
In the past 2 months, the XRP coin price has rebounded twice from the 0.3 support zone, indicating that buyers continue to accumulate at this level. Moreover, using this level as a base support, the daily time frame chart shows the formation of a double bottom pattern. This bullish pattern signals the replenished buying pressure and provides an entry opportunity for interested traders.
Key points:
- The XRP price will remain in a sideways trend until the buyers don’t breach the $0.55 resistance
- The bullish crossover between the 20-and-100-day EMA encourages buyers for a $0.42 breakout
- The intraday trading volume in the XRP is $1.8 Billion, indicating a 155% gain.
Source- Tradingview.
Under the influence of this pattern, the XRP price has surged 35% from the $0.31 support and currently trades at the $0.42 mark. Moreover, the coin price is 5% up today and trying to breach the $0.43 neckline resistance of this mentioned pattern. A significant boost in volume indicates a higher possibility of $0.43.
Thus, a daily candle closing above the mentioned resistance will intensify the bullish momentum for further rally. The post-breakout rally will drive the XRP price 30% higher to hit the next crucial resistance of 0.55.
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However, it seems the XRP price has been in a sideways market for the last eight months. This range movement is spread from $0.55 resistance to 0.312 support, and for the coin price to maintain sustained recovery, the buyers need to surpass the $0.5 barrier.
Technical Indicator
MACD: The MACD and signal line rising gradually higher into the bullish territory indicate sustained buying in the market.
EMAs: the fallfish EMAs(20, 50, 100, and 200) accentuate an overall sideways trend in the XRP price. Moreover, the 200-day EMA wavering near the $0.42 mark increases the resistance power of this level.
XRP intraday price levels
- Spot price: $0.422
- Trend: Bullish
- Volatility: High
- Resistance level- $0.42 and $0.55
- Support level- $0.313 and 0.226
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