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XRP Price Analysis: The V-shaped recovery in XRP price takes a major halt at $0.55 resistance and the broader market suffers from uncertainty. The coin price waver below the aforementioned resistance with no clear sign of dominance from the buyers or sellers. This sideways is likely to continue and may create a range in the daily time chart. Here’s how interested market participants may use the potential price pattern to grab entry opportunities.
Also Read: Pro XRP Lawyer Drops New Evidence Supporting XRP Isn’t A Security
XRP Price Daily Chart:
- A breakout above $0.55 will project an early sign of trend reversal.
- A bearish breakdown below $0.486 may lead to a slight correction in the XRP price.
- The intraday trading volume in the XRP is $1.73 Billion, indicating a 5% gain.
Source- Tradingview
Despite the recent sell-off in the crypto market, the June 5th daily candle of the XRP price didn’t breach the local support of $0.486. The potential reversal from this level accentuated the buyers are defending the newly reclaimed level and the coin is likely to fail below if the recovery sentiment is intact.
On the flip side, the $0.55 is the multi-month resistance that has offset the coin buyers’ attempt to carry a sustained recovery for over a year. Thus, the coin holders can mark the above-mentioned level as the extreme barrier of the range.
In case of a breakdown below $0.486, the traders may witness another correction phase and plunge the price to $0.426.
On a contrary note, a decisive breakout above $0.55 with a daily candle closing is needed to confirm the possibility of price recovery.
Will XRP Price Plunge to $0.45?
The XRP price is likely to continue its sideways trend until it breached either level of the daily range. If the market sentiment shows negative traits in the coming days, a breakdown below $0.486 will signal the upcoming free fall in XRP price. This breakdown could tumble the price 13% down to hit $0.426, within between support of $0.447.
- Moving Average Convergence Divergence: A potential bearish crossover between the MACD(blue) and the signal(orange) line will increase the negative sentiment in the XRP price.
- Exponential Moving Average: The 50-day EMA slope wavering near the $0.486 level strengthened the support power of this level.
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