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:

1. The recent downfall in XRP price rebounded from the 50% Fibonacci retracement level indicating the correction phase was healthy to promote an overall uptrend.
2. The XRP buyers can hold their bullish outlook until the support trendline is intact.
3. 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.