NewsletterXRP Price Analysis: Will $XRP Price Hit $0.55 Milestone in Coming Week?
XRP Price Analysis: With a 2.82% jump in the last 24 hours, XRP Coin Price displays a remarkable recovery within an ascending triangle pattern. The coin price tests the 50-day EMA as it bounces back from the $0.47 horizontal level and prepares to challenge the psychological Mark of $0.50. The recovery also breaks the short term, whereas string and prepares an ascend to the top of the ascending triangle at $0.55. So, should you consider buying XRP before the triangle breakout?
Also Read: Attorney Suggests New End Date For XRP Lawsuit
XRP Price Daily Chart:
- A bullish upswing in XRP price with a 2.82% jump is ready to challenge the $0.50 mark.
- The recent jump breaks above the 50-day EMA and marks a new recovery rally in the ascending triangle.
- The intraday trading volume in the XRP is $1 Billion, indicating a 10.74% jump.
Source- Tradingview
At press time, the XRP coin price displays a 2.82% recovery after a few days of consolidation near the $0.40 horizontal level. However, it was clear in the consolidation phase that a bounce back is in order due to the price rejection near the 200-day EMA.
Trading at $0.48, XRP Coin Price action shows a Bullish Engulfing Candle and challenges the 50-day EMA as it gains bullish momentum at the support trendline. This upside swing in XRP prepares it for a jump to the $0.55 overhead resistance, of the ascending triangle.
However, the upswing may face resistance at the overhead psychological mark of $0.50 where a profit-booking phase can hamper the uptrend.
Will XRP Rise Above the $0.50 mark?
The highly bullish sentiment for XRP makes the $0.50 breakout highly plausible. Therefore, traders can find multiple entry points at the current market price and also at the $0.50 breakout.
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- Relative Strength Index: The daily RSI slope sikes above the halfway line and the 14-day SMA reflects a spike in bullish sentiment.
- EMAs: The XRP price breaks above the 50-day EMA and prepares to sustain above it.
- DMI: The VI lines prepare for a bullish crossover meanwhile the ADX lines display an uptick projecting a rise in bullish momentum.
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