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The recent bullish reversal from the $0.33 support revealed the formation of a double bottom pattern in the daily time frame chart. Over the past six days, the XRP price has soared 10.1% and is currently trading at the $0.365 mark. Under the influence of this bullish pattern, the coin price is likely to break the $0.374 resistance, bolstering further growth potential for XRP.
Key points:
- The XRP price potential breakout from $0.374 will prolong the recovery rally to $0.42
- The recent price jump reclaimed the 20-day EMA, providing the coin holders additional support.
- The intraday trading volume in the XRP is $1.16 Billion, indicating a 14.2% gain.
Source- Tradingview
While a majority of major altcoins were rising higher with the new year recovery in the crypto market, the XRP price was struggling to break the local resistance of $0.356. Over the past ten days, this altcoin was wobbling between $0.356 and $0.35, creating a narrow range.
Moreover, the daily candles resonating between the aforementioned range showed several long-wick rejections on either side, accentuating the ongoing uncertainty in the crypto market. However, today, the XRP coin witnessed a significant inflow and rose 4% on the intraday level.
The long bullish candle with sufficient volume breaks the $0.359 resistance, releasing this altcoin from stagnant market sentiment. If the daily candle closes above the breached resistance, the buyers get a higher footing to continue to rally in the price chart.
Also read: CRYPTO TELEGRAM CHANNELS LIST 2023
Thus, with sustained buying, the XRP price may break the $0.374 neckline resistance of the double bottom pattern. In theory, this pattern in this technical setup is one of the most frequently observed patterns which encourages directional bull run.
Thus, a bullish breakout from $ 0.374 will intensify the buying pressure in the market and prolong the bullish growth to $0.396 or $0.42, registering a 10-15% hike.
Alternatively, a less likely yet possible reversal from the $0.374 barrier will undermine the bullish thesis.
Technical Indicator
EMAs: the downsloping 50-day EMA is currently working in the seller’s favor trying to stall rising prices.
Relative Strength Index: conversely to the sideways XRP price, the daily RSI slope is sharply rising, reflecting the growth in bullish momentum. Thus, this bullish divergence increases the possibility of a $0.374 breakout.
XRP intraday price levels
- Spot price: $0.39
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.374 and $0.396
- Support level- $0.355 and 0.
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