XRP Price Prediction As Recovery May Prolong 20%, But There’s a Twist

XRP Price Prediction: Amid the recent downturn in the crypto market influenced by Binance’s recent legal turmoil, the XRP price extended its correction to the $0.575 mark. However, this pullback sustaining above the 61.8% Fibonacci retracement forming a flag pattern, indicates this altcoin has a better opportunity to rebound. Here’s how this pattern could influence the XRP price ahead

Also Read: XRP Ledger (XRPL) Node Operators Must Make Critical Move Now

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Can XRP Price Recovery Hit $0.75?

• Flag pattern breakout hints at an early signal of uptrend continuation
• The rising XRP price could witness a high support zone at the $0.75 mark
• The intraday trading volume in the XRP is $823 Million, indicating a 2.7% gain.

Source: Tradingview

The fifth-largest cryptocurrency, XRP entered a pronounced correction phase starting from the second week of November, descending from a high of $0.734. During this pullback, altcoin shed 22% of its value, dropping to $0.57. 

However, this retracement phase formed a bullish flag pattern, and the recent breakout from its trendline suggests the end of this correction period. Following the breakout, the XRP price has managed to regain 3.6% in value, currently trading at approximately $0.628.

Influenced by this chart pattern, the XRP price is poised to potentially rise by 18%, aiming to challenge the upper boundary of a long-standing symmetrical triangle at the $0.75 mark. Previous approaches to this resistance level have typically led to increased selling pressure and sharp bearish reversals.

For a more definitive confirmation of recovery, it is crucial for XRP buyers to breach this triangle.

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XRP vs BTC Performance

Source: Coingape| XRP Vs Bitcoin Price

A comparative analysis between Bitcoin (BTC) and XRP shows both cryptocurrencies have experienced significant growth in mid-October and early November. While Bitcoin price has sustained its growth albeit at a slower pace, the XRP price was significantly impacted by the recent downturn in the crypto market.

Looking ahead, both BTC and XRP present bullish prospects in the near term. However, the high-volatility XRP coin may not be an ideal choice for traders who are more risk-averse.

• Moving average convergence divergence: A bullish crossover state between the MACD and signal line refers to the short-term trend that has turned bullish
• Exponential Moving Average: A recent rise above crucial EMA (20, 50, 100, 200) reflects projects an additional edge for coin buyers.