NewsletterRipple Price Prediction: XRP Price Tests Ascending Trend Line; Time To Enter?
XRP price edges higher after a three-day sell-off. The price uptrend remains steady since January 24, however, a ‘double top’ formation near $0.91 weighed on bullish sentiments. XRP breaches critical moving averages, hinting at a bearish outlook.
- XRP price manages to trade higher on Thursday.
- The price took support near the bullish slopping line a key point for quick recovery.
- XRP remains depressed below the 200-day EMA and 50-day EMA.
As of press time, XRP/USD trades at $0.78, up 2.93% for the day. The 24-hour trading volume of the eight-largest cryptocurrency by the market contains $2,452,273,767 as per the CoinMarketCap.
XRP price steadies before the next action
XRP price tested the critical support near $0.75 after tagging the swing highs of $0.91. This also coincides with the ‘double top’ pattern, which resulted in the current price retracement. Furthermore, the slippage below the 200-day and 50-day EMAs (Exponential Moving Average) at $0.83 and $0.79 respectively makes bears hopeful.
The XRP buyers test the ascending trend line multiple times, which is extending from the lows of $0.54. Earlier, the price witnessed an ascent of nearly 50% from the lows of $0.61. This time too, the bulls would be ready for another run-up with the same figure in mind.
However, moving higher XRP price would face the first upside hurdle at $0.81 followed by the horizontal resistance level at $0.85.
A sustained buying pressure and an acceptance above $0.90 could push the price beyond the $1.0 mark in a highly optimistic scenario.
On the flip side, a break of the mentioned trend line would invalidate the bullish outlook on the asset. In this case, the sellers would keep their eyes on the horizontal support level at $0.70.
Technical indicators:
Stochastic Oscillator: The range-bound indicator remains in the oversold zone, making an attempt to move higher. Any uptick in the indicator is a bullish sign.
MACD: The Moving Average Convergence Divergence retreating below the central line.
- Do Kwon Faces Up to 12 Years in Prison Over ‘Colossal’ Role in $40B TerraUSD Collaps
- ProShares Drops 3x Bitcoin, Ethereum, XRP ETF Plans After SEC Pushback
- Bitcoin Eyes Fresh Demand as Indiana Advances Bill for Crypto Investments
- Crypto Bill Markup Unlikely This Month Amid DeFi, Stablecoin Yield and Conflict Disputes, Expert Says
- Breaking: U.S. PCE Inflation Rises To 2.8%, Bitcoin Falls
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
- Is Cardano Price at Risk of a 50% Crash Ahead of the Midnight Launch?
- Is Chainlink Price Headed for $20 as Reserves Pass 1M LINK?
- Ethereum Price Breaks Out of Falling Wedge: Next Target Now Set at $5K
- Is ZCash Price Set for a Bigger Rally After Its 10% Surge on the Bitget Listing?
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.
Premium Partners
