MEXCXRP Price Analysis: Healthy Retracement Hints XRP Price To Revisit $0.55; Buy Now?
XRP Price Analysis: On June 14th, the XRP price witnessed significant outflow and gave a bearish breakdown from the $0.487 local support. Though the breakdown was supposed to intensify the selling pressure among traders, the price found immediate footing at the long-coming support trendline. This dynamic support has maintained an uptrend in this coin over the past three months, offering a dip opportunity to traders.
Also Read: London Basketball Club Lends Support to DOGE and XRP
XRP Price Daily Chart:
- The lower price rejection candles at the support trendline reflect increased demand pressure for the XRP price.
- A potential breakout above $0.487 resistance could kickstart a new recovery cycle
- The intraday trading volume in the XRP is $07.5 Million, indicating a 40% loss.
Source- Tradingview
By the press time, the XRP price trades at the $0.47 mark and wobbles in a narrow range created between the ascending trendline and the recently breached $0.487 support. The coin price has been wobbling in this range for the past three days and showcased uncertainty among traders with several short-bodied candles.
If the market sentiment shows no improvement in the coming days, the XRP price is likely to prolong its consolation for a few more days. Thus, the aforementioned range can be marketed as a no-trading zone for newcomers.
Considering a bullish outlook, the breakout above the $0.487 resistance with daily candle closing will give additional confirmation for price reversal. Thus, a potential recovery initiated from the bottom trend could assist buyers to rechallenge the $0.55 mark, indicating a growth opportunity of 14%
Will XRP Price Lose the $0.45 Mark?
For market buyers, the ascending trendline stands as a crucial support that sustains their bullish outlook. However, with the current negative sentiment, the possibility of trendline breakdown is not completely off the chart. Considering a pessimistic situation, a breakdown below the lower trendline will accelerate the selling pressure and can plunge the XRP price below $0.42
- Fibonacci Retracement level: The ongoing correction in XRP price stayed above the 50% FIB level indicating the overall market trend is bullish.
- Bollinger Band: The upswing slope of the lower band of the Bollinger band indicator can offer significant support.
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