Reversal From Multi-Month Resistance Puts $XRP Price Under Correction Threat; Back to $0.45?

06 Jun, 2023

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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

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal 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.

XRP Price Daily Chart:

A V-shaped recovery in XRP price reflects a strong recovery phase
A bearish breakdown below $0.486 will intensify the supply pressure and could trigger a minor correction.
The intraday trading volume in the XRP is $2.06 Billion, indicating a 182% gain.

Source- Tradingview

Outperforming the market leaders Bitcoin and Ethereum, the XRP price showcased a significant recovery in the last three weeks. From the May bottom support of $0.42, the price surged 30% and reached the top of $0.55.

The aforementioned level is an intense supply zone of XRP coin, as it’s turned multiple attempts from buyers to reclaim higher ground over a year. Amid the news of the lawsuit against Binance, the XRP price witnessed another reversal from $0.55.

However, the traders must not consider this reversal as a start of a new correction yet and wait for the support breakdown of $0.486 before opening a new short position.

Will XRP Price Plunge to $0.45?

If the XRP price manages to close above $0.486 despite today’s sell-off, this level will be crucial support for coin holders. If the prices hold above this support in the coming days, the bullish recovery will remain intact and push the coin back to $0.55.

Conversely, a breakdown below $0.486 will indicate the sellers regaining trend control which could tumble the altcoin to the $0.45 mark.

Vortex indicator: A reducing gap between the VI+(blue) and VI-(orange) slope reflects the loss of bullish momentum in the XRP price.
Exponential Moving Average: The coin price moving above the daily EMAs(20, 50, 100, and 200) keeps the overall trend sentiment bullish.

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.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.