NewsletterXRP Price Analysis: Is $XRP Price Set to Break $0.5 this Week?
XRP Price Analysis: On July 6th, the XRP price gave a bearish breakdown from a significant support trendline, projecting a possibility of an upcoming correction. However, the price showcased no follow-up and has been moving sideways over the past five days. The inability of sellers to push the prices down despite given time indicates weakness in bearish momentum and the potential for buyers to regain trend control.
Also Read: Binance’s XRP, SHIB Balances Hit Impressive Highs
XRP Price Daily Chart:
- A fake breakdown from the support trendline sets the XRP price for a potential upswing
- The 200-day EMA slope offers strong support to XRP buyers
- The intraday trading volume in the XRP is $800.2 Million, indicating a 22.2% gain.
Source: Tradingview
With the recent upswing in XRP price, the buyers try to reclaim the breached support of the ascending trendline. In this quest, the bulls would need to close a daily candle above the aforementioned trendline and the $0.482 high of the July 6th breakdown candle.
This development will signal the prior crackdown as a bear trap and increase the buying orders as short-sellers exit their position. Therefore, if buyers regain their higher ground, the XRP price is likely to rise again.
The post-breakout rally may push the $0.5 beyond the $0.55-0.56 ceiling. This barrier counts as a forbidden barrier for buyers for over a year.
Will XRP Price Retest $0.45?
The XRP coin remained an underperforming coin during the recent recovery rally in late June. Thus, if the crypto market shows uncertainty, the sellers could maintain the XRP price below the breached trendline. With sustained selling, the price could plunge 6.5% down to hit the next significant support trendline at $0.45
- Exponential Moving Average: With the anticipated breakout, the buyers will also regain daily EMAs(20, 50, and 100) providing more edge to long-buyers.
- Moving Average Convergence Divergence: The MACD(blue) and signal(orange) lines moving flat in a signal line indicate neutral sentiment among traders.
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