XRP Price Prediction As Buyers Challenge 200-Day Resistance to Chase $0.75
Highlights
- The XRP price potential breakout from the long-coming resistance will provide buyers with suitable support to spark fresh recovery.
- The coin holder may face intense supply pressure at the $0.59 barrier.
- The intraday trading volume in the XRP is $2.1 Billion, indicating a 102% gain.
XRP Price Prediction: XRP, the sixth-largest cryptocurrency, picked up bullish momentum last weekend as the price rebounded from emerging support at the $0.528 mark. With the Bitcoin price hitting a high of $57000 after 2 years the recovery sentiment intensified across the altcoin market and surged the XRP price by 8% in the last 4 days. This asset approaching a key resistance trendline reflects the coin holders may soon witness a strong overhead supply.
Also Read: XRP Price Forecast: Can XRP Hit $1 Soon, With Recent Valour ETP Listing Boosting Market Confidence?
Key Resistances to Watch in Recovery Trend
Throughout February, the XRP price witnessed a slow yet steady rally under the influence of a rising trendline. The dynamic support uplifted the altcoin from $0.485 to $0.575, registering 18.5% growth.
The recent upswing in XRP’s price was accompanied by a notable increase in its OI-Weighted Funding Rate, as reported by Coinglass, climbing from 0.01% to 0.0625%. This significant uptick reflects an increased readiness among traders to invest more in maintaining long positions in XRP, pointing towards a bullish outlook and anticipation of further price appreciation.
Currently trading at $0.577, the XRP price is likely to hit the downsloping resistance trendline which has been active for the past seven months. This dynamic resistance carries the midterm downtrend and may continue to invalidate the buyer’s attempt to maintain sustainable growth.
If the overhead supply persists, the XRP price may revert and signal the continuation of a sideways trend.
Also Read: XRP Vs. SEC: Ripple Faces New Class Action for Unregistered XRP Offerings
Can XRP Break Through to Hit $0.75 Soon?
If the broader outlook remains, the XRP buyers will have an opportunity to breach the overhead trendline. A successful breakout above this barrier will accelerate the buying pressure in this asset and may propel altcoin 25% up to hit the psychological level of $0.75, followed by $0.93
- Bollinger Band: The rising price challenging the upper boundary of the Bollinger band indicator higher the buyers are the current dominant force in the market
- Moving Average Convergence Divergence: A bullish crossover between the MACD(blue) and signal(orange) signals the asset is returning to a recovery trend.
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