NewsletterXRP Price Analysis: Can $XRP Hold $0.486 Support As Market FUD Rises?
XRP Price Analysis: The ongoing recovery trend in the XRP price hit a major roadblock at $0.55 resistance. This high supply zone aligned with bearish market sentiment prevented buyers from making further recovery and turned the coin price into a sideways trend. As a result, the XRP price is currently resonating between $0.54 and $0.486 levels creating a narrow range formation.
Also Read: Can XRP Price Really Hit $50? This Crypto Analyst Thinks Yes
XRP Price Daily Chart:
- Range formation indicates the coin price is wobbling in a no-trading zone
- The XRP price can maintain its recovery trendline until the $0.486 support is intact
- The intraday trading volume in the XRP is $1.28 Billion, indicating a 10% gain.
Source- Tradingview
In the daily time frame chart, the XRP price shows a range formation between $0.55 and $0.486 level. Over the past two weeks, the coin price has rebounded from the aforementioned levels twice indicating the traders are respective to this chart levels.
At the time of writing, the XRP price traded at $0.50, and with a 2.87% loss, it has recently reverted from the above resistance. If the bullish momentum rises, the coin price may fall another 3.4% to retest the bottom support.
For interested traders, this range breakout is important to determine the future trend.
While the current trend in the XRP price is bullish, a potential breakout above $0.55 with a daily candle closing will intensify the bullish momentum and may surge the price above $0.6
Will XRP Price go Back to $0.4475?
If the ongoing range formation results in a bearish note with the breakdown of $0.486 support, the underlying selling pressure in the XRP price will rise significantly. The breakdown will offer sellers additional resistance to pressurize prices to lower levels. As a result, the coin holders could witness a swift fall to $0.4475, registering an 8% loss.
- Exponential Moving Average: The 50-day EMA wavering at $0.486 support increases the support strength of this level.
- Relative Strength Index: A significant bearish divergence in the daily RSI slope reflects a higher possibility of bearish correction.
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