XRP Price Analysis: The Factors Holding the Crypto Back from a Bullish Run
Under the influence of the flag pattern, the XRP coin price is witnessing a steady downfall over a month. From the last swing high of $0.432, the coin price has tumbled 85 and currently, the exchange handles at the $0.395 mark. Until the two downsloping trend lines within which the price is resonating remain intact, the Ripple coin price will continue its downward trend. Here’s when the potential buyers can look for an entry opportunity.
Key points:
- For new market participants, the range within the falling channel can be considered a no-trading zone.
- A bullish breakout from the overhead trendline will release the trapped bullish momentum.
- The intraday trading volume in the XRP is $1.3 Billion, indicating a 58% gain.
Source- Tradingview
A flag pattern usually appears in an ongoing uptrend, and its formation is a sign of temporary correction before the bull run continues. In theory, this pattern offers coin holders to replenish the bullish momentum and check for price stability at reclaimed support.
Amid the increasing bullishness in the crypto market, the XRP price rebounded from a combined support of $0.369 and support trendline on February 14th, the bullish reversal pushed the coin price back to challenge the overhead trendline.
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As of now, the coin price remains below the trendline and under the threat of prolonged correction. However, amid the recent recovery, the daily candle showed a long bullish candle with sufficient volume indicating the underlying bullish momentum is rising.
Thus, the coin price may soon offer a bullish breakout from the overhead trendline. A daily candle closing above the trendline will continue the prevailing rally. The potential bull run could assist XRP price to reach some following target of $0.42, $0.432, $0.476, or $0.5.
Technical Indicator
Bollinger Band: the XRP price rose above the indicators midline project the buyers are trying to reclaim trend control.
MACD: despite a breakdown below the neutral line, the MACD(blue) and signal(orange) went sideways indicating the weakness in bearish momentum and additional confirmation for an upside breakout.
Xrp Intraday Price Levels
- Spot price: $0.395
- Trend: Bearish
- Volatility: High
- Resistance level- $0.435 and $0.45
- Support level- $0.393 and 0.372
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