XRP Price Analysis: This Crucial Level could Determine if the XRP Price will Rally 20% or Dump 18%
XRP Price Analysis: Neglecting an uncertain and choppy behavior in several big cryptocurrencies, the XRP price showed a significant upswing in the last few days. From the last horizontal support of $0.417, the coin price surged 15% to hit the resistance trendline of a falling channel pattern. Is XRP price ready to kickstart a new recovery rally with the breakout from this trendline or there’s more in sellers to prolong this downfall?
Key Points:
- The price rally in XRP price backed by increasing volume indicates sustained recovery
- A breakout from the overhead resistance trendline will offer buyers enter an opportunity to go long
- The intraday trading volume in the XRP is $780.4 Million, indicating a 14% gain.
Source- Tradingview
By the press time, the XRP price trades at $0.46 and shows a breakout attempt from the channel pattern’s resistance trendline. This pattern has carried a steady downfall for nearly two months, offering sellers an opportunity to replenish bearish momentum at price pullback.
Thus, a retest to the overhead trendline highlights an opportunity to intensify selling momentum and further extend the correction phase. If the market sentiment remains uncertain, the traders must watch for rejection signs at the trendline to predict a potential downfall which could tumble the prices down 18% to revisit the lower trendline.
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On a contrary note, a bullish breakout from the trendline with a daily candle closing will recuperate the buying pressure in the XRP coin. The potential rally could restart a recovery rally and may push the prices to 20% highest to hit the $0.55 crucial resistance.
Technical Indicator
DMI: A bullish crossover between the DI+ and DI- slopes positive trend in the market. However, the ADX slope is yet to show an uptick reflecting the buyers’ need to show their strength to confirm price reversal.
Exponential Moving Average: The XRP price above the daily EMAs could offer additional support to buyers to challenge the overhead trendline.
XRP Coin Intraday Price Levels
- Spot price: $0.461
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.48 and $0.55
- Support Level- $0.41 and $0.356
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