NewsletterXRP Price Analysis Hints 7% Drop Before Buyers Reboot Bullish Recovery; Buy This Dip?
The XRP price has remained in a correction phase for over a month now and has recorded a 25% loss from the peak of $0.585 to $0.433 recent low. However, the bearish pullback halts above the 50% Fibonacci retracement level indicating the overall market sentiment remains bullish. Here’s how this level may further influence the XRP price to replenish bullish momentum
Key Points:
- The XRP price falling for four consecutive days with low volume reflects a potential downfall to $0.433 at 0.5 FIB level
- A correction phase to 0.5 FIB is considered healthy and encourages the resumption of a bullish trend
- The intraday trading volume in the XRP is $940.5 Million, indicating a 13.6% gain.
Source- Tradingview
On April 29th, the XRP price turned down from the $0.48 resistance and tumbled the coin price 5.34% to reach the current price of $0.46. This reversal formed a new lower high at the aforementioned resistance indicating a high possibility of downtrend resumption.
With sustained selling, the XRP price is likely to tumble another 6-7% and retest the 50% FIB level at $0.44. During the April fourth week, the daily candle showed multiple lower price rejection candles at this support, validating it as a high accumulation zone.
Thus, the altcoin is more likely to revert from this support and kickstart a fresh recovery rally. Furthermore, the daily chart shows a new resistance trendline currently carrying the ongoing correction.
A potential breakout from this trendline will be a key signal for the end of the retracement phase and bullish recovery which may bring the coin back to $0.55 higher.
Technical Indicator
Bollinger Band: The lower band of the Bollinger band indicator situated near the $0.44 support increases the support strength of this level.
Exponential Moving Average: The 20-day EMA slope flipped into a significant resistance that could assist sellers to undermine a bullish rally.
XRP Intraday Price Levels
- Spot price: $0.4614
- Trend: Bearish
- Volatility: Low
- Resistance level- $0.487 and $0.55
- Support level- $0.44 and $0.356
- 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
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- 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
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
