XRP 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
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