XRP Price Prediction: $0.785 Resistance Breakout Hints 15% Hike In XRP

15 Apr, 2022

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From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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A confident statement from Ripple CEO Brad Garlinghouse about how the SEC Lawsuit matter is advancing “exceedingly well” triggered a sudden 9.5% spike in the XRP price. With today’s price jump, the coin price strikers a cluster of technical resistance at the $0.8 mark, preparing for another leg higher.

Key points:

XRP price hits at a cluster of technical resistance at $.8
The intraday trading volume in the XRP is $2.93 Billion, indicating a 72% loss.

Source- Tradingview

On March 28th, the XRP/USDT pair recovery rally pivoted from the previous swing-high resistance of the $0.93 mark. However, the new correction fall breached the dynamic support trendline on April 6th, accelerating the selling momentum to the 0.618 Fibonacci retracement level.

However, with the long-coming XRP vs SEC lawsuit gradually favoring Ripple, the altcoin price rebounded from the shared support of 0.618 FIB and $0.7 support.

The four consecutive green candles rising from the mentioned support pumped the XRP price by 16.3%. Furthermore, with a 72% spike in daily volume activity, the coin price hits the $0.8 resistance with a better possibility of a bullish breakout.

However, the technical chart shows a cluster of resistance levels at the $0.8 mark, such as 0.382 FIB level, 50-and-100-day EMA, indicating the sellers would mount a strong defense ahead.

Anyhow, if buyers give an honest breakout from the overhead resistance, the XRP price would pump another 15% to $0.93.

Technical Indicator

The 50-and-100-day EMA aligned with $0.8 resistance contributes to an additional edge for market sellers. Therefore, the buyers need strong momentum to undermine a cluster of technical resistances.

Furthermore, the daily-RSI(51) slope entering the bullish territory and a $0.8 price breakout provide an additional edge for long traders.

Resistance level: $0.73 and $78
Support levels: $0.7 and $0.63

Investment disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.