NewsletterXRP Price Analysis: This Chart Pattern keeps XRP Coin Bullish in the Long Term; Invest Now?
XRP Price Analysis: The ongoing correction phase in the XRP price can be traced by two downsloping showing the formation of a falling channel pattern. The falling XRP price continues to resonate within this pattern and has recently breached another horizontal support indicating this altcoin is poised for further downfall. However, considering the bigger picture, the current correction seems like a temporary pullback that can be used to accumulate this coin.
Key Points:
- A potential bearish crossover between the 20-and-100-day EMAs may accelerate the selling pressure in the market.
- A breakout from the overhead resistance trendline will signal the end of a correction phase
- The intraday trading volume in the XRP is $780.4 Million, indicating a 14% gain.
Source- Tradingview
On May 8th, the falling XRP price gave a massive breakdown from a significant support level of $0.434-$0.433. This breakout may intensify the underlying selling momentum, tumble the prices 12-13%, and hit the long-coming support trendline.
The daily time frame chart shows the XRP price is receiving significant support from the ascending trendline of a rising channel pattern. The price has rebounded from this support multiple times since last year indicating the buyers have been aggressively accumulating at this support.
Also Read: Best Liquidity Lockers 2023 ; Updated List
Thus, the prolonged downfall may push the price back to the rising trendline offering a dip opportunity to interested traders. A potential reversal from this trendline may initiate a fresh recovery cycle in the XRP coin.
Technical Indicator
Relative Strength Index: A steady drop in the daily RSI slope reflects the strong selling momentum in the market.
Exponential Moving Average: Along with $0.433, the XRP price also lost the 200-day EMA slope indicating an additional confirmation for an extended downfall.
XRP Coin Intraday Price Levels
- Spot price: $0.422
- Trend: Bearish
- Volatility: High
- Resistance level- $0.48 and $0.53
- Support Level- $0.408 and $0.358
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Bitcoin Stalls Ahead of FOMC as Analyst Van de Poppe Sees No Break Until Tuesday
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
