XRP Price Analysis: This Chart Pattern could Restart Bullish Recovery in XRP Price; Back to $0.55
XRP Price Analysis: Over the past five weeks, the XRP coin price has witnessed a steep correction in which the price tumbled from a high of $0.585 to the current price of $0.45 recording a 20% loss. However, it seems the retracement phase is precisely resonating between two downsloping trendlines projecting the formation of a flag pattern. This famous chart pattern is often spotted between established uptrends offering an excellent long-entry opportunity to interested traders.
Key Points:
- The decreasing volume activity indicates the ongoing correction is temporary
- A breakout above the overhead resistance trendline will signal the end of this retracement phase
- The intraday trading volume in the XRP is $393.5 Million, indicating a 43% loss.
Amid the ongoing uncertainty in the crypto market, the falling XRP price took a temporary sideways turn and resonated between the $0.486 and $0.43 horizontal levels. The cluster of daily candles in a short space reflects the indecisiveness among market participants.
If the coin price continues to move sideways it would hit the pattern’s resistance trendline which may recuperate the selling momentum. Until the overhead trendline is intact, the XRP price will prolong the correction phase to lower levels.
However, under the influence of the flag pattern, the XRP price is more likely to breach the resistance trendline and flip it into potential support. This breakout will offer an entry opportunity to new buyers and may drive the prices up 20% to rechallenge the $0.55 barrier.
Technical Indicator
Fibonacci Retracement Indicator: The XRP price correction still hovering above the 50% Fibonacci retracement level indicates the overall market trend remains bullish
Moving Average Convergence/Divergence: the MACD(blue) and signal(orange) line moving sideways hints weakening of bearish momentum.
XRP Intraday Price Levels
- Spot price: $0.45
- Trend: Sideways
- Volatility: High
- Resistance level- $0.485 and $0.56
- Support level- $0.44 and $0.4
Recent Posts
- Price Analysis
Why Is TAO Price Skyrocketing Today?
Bittensor (TAO) price has surged significantly over the past 24 hours, fueled by a strong…
- Price Analysis
After 1,993% Burn Spike, Is Shiba Inu Price Set for a Major Trend Reversal?
The Shiba Inu price is showing clear signs of building recovery momentum after weeks of…
- Price Analysis
Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
Pepe Coin price trades at $0.0000065 today, Oct. 31, up by 1.75% from the previous…
- Price Analysis
Ethereum Price Forecast: $5K in Sight Post-Fusaka Upgrade
Ethereum price remains under pressure, hovering near $3,800 after breaking below the $3,900 support level.…
- Price Analysis
Chainlink Price Eyes $25 as AllUnity Integrates CCIP for EURAU Expansion
The Chainlink price has stayed firm even as the broader market shows mixed signals. AllUnity’s…
- Price Analysis
Sei Price Forecast: Will Robinhood Listing Spark a Rally?
Sei price slipped despite recent optimism around its Robinhood debut, falling 4% in the past…