XRP Price Analysis: Key Resistance Breakout Sets XRP Price for 12% Upswing; Buy Now?
XRP Price Analysis: Last week’s correction phase in XRP price found immediate support at an ascending support trendline. This dynamic support has been assisting buyers over the past three months to maintain a sustained bullish trend. Moreover, the long lower price rejection candle on June 16th reflects the buyers actively accumulating this coin at dips, indicating a higher possibility for a bullish reversal.
Also Read: XRP Soars 200% Against Bitcoin, Defies Lawsuit Odds: August Price Targets
XRP Price Daily Chart:
- The recent downfall in XRP price rebounded from the 50% Fibonacci retracement level indicating the correction phase was healthy to promote an overall uptrend.
- The XRP buyers can hold their bullish outlook until the support trendline is intact.
- The intraday trading volume in the XRP is $860.5 Million, indicating a 53% gain.
Source- Tradingview
A bullish reversal from the rising support trendline recuperated the buying pressure in the XRP price. The resulting recovery surged the altcoin price by 7.5% in the last four days to reach the current trading price of $0.49.
With the recent upswing, the buyers pierced the immediate resistance of $0.487 and obtained additional footing to rise higher. If the daily candle closes above the aforementioned resistance the bullish momentum will surge and may extend the recovery rally 12% higher to hit the $0.55 resistance.
On June 13th, the XRP price showed another failed attempt from the $0.55 resistance indicating the supply pressure is still active, and therefore, the buyers would need strong momentum to surpass this barrier.
Will XRP Price Rise Back to $0.55?
A retest to the long-coming support trendline replenishes the buying pressure on the XRP price. A potential recovery from this trendline may surge the prices by 12% and hit the next significant resistance of $0.55. Though the above-mentioned level stands as a formidable barrier, the rising could gradually assist buyers to break this ceiling.
- Vortex Indicator: The VI and VI- slope edging close to a bullish crossover could offer additional confirmation for buyers.
- Super Indicator: The trend-defining indicator projects a green film indicating the market sentiment sustains a bullish outlook.
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