Sign Up on MEXCXRP Price Analysis: Can Buyers Regain the $1 Mark Before the End of 2023?
The XRP price is riding a parabolic growth under the influence of a bullish reversal pattern called the rounding bottom pattern. This chart pattern is often spotted at major market bottoms projecting a tradition of from downtrend to recovery. If this pattern works, this altcoin should prolong its recovery trend with in-between pullback-offering entry opportunities to market participants. Is this the right time to enter?
Also Read: Ripple Moves 60 Mln XRP Bolstering Market Interest, Price To Hit $0.7?
XRP Price Aims for Higher Recovery As Bullish Pattern
- A recent breakout from $0.66 resistance set the XRP price at 38%
- A rounding bottom pattern leads to the current recovery trend.
- The intraday trading volume in the XRP is $459.6 Million, indicating a 38% gain
Source- Tradingview
On October 24th, the XRP price breached the $0.55 resistance, marking a decisive end to the two-month accumulation phase. This breakout, buoyed by a broader market recovery, propelled the coin’s value by 35%, culminating in a high of $0.75.
Amid this rally, the XRP price surpassed a crucial hurdle created by the $0.66 price level and the 50% Fibonacci retracement level of its prior downtrend. This development suggests a diminishing influence of sellers and a lower likelihood of a downtrend resumption.
Earlier today, although the sellers momentarily forced a 9% dip, the price swiftly rebounded above $0.66, leaving behind a prominent long-wicked rejection candle. Should the altcoin maintain its foothold above this newfound support, the price is poised to escalate towards the $0.939 level, propelled by the rounding bottom pattern, and see a 38% potential gain.
Throughout this surge, the XRP price might encounter intermediate resistances at the $0.74 and $0.83 levels, corresponding with the 61.8% and 78.6% Fibonacci retracement levels, respectively.
XRP vs BTC Performance
Source: Coingape| XRP Vs Bitcoin Price
Over the past 30 days, both the XRP and Bitcoin price have reaped significant rewards from the prevailing recovery. However, as the BTC price momentum begins to fade at the $36,000 resistance, the XRP price continues to chart new highs, potentially positioning it as the more advantageous asset in the current market revival.
- Bollinger band: The sharp upswing in the upper boundary of the Bollinger band reflects the moment when the bullish momentum is active.
- Average Directional Index: The ADX slope rising above the 55% level warns of potential buyer exhaustion, which could lead to periodic pullbacks necessary to maintain a sustainable bullish trend.
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