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.

Also Read: Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks

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