XRP Price Prediction As Overhead Supply at $0.6 Hints For Upcoming Correction?
Highlights
- The XRP price breakout from the long-coming resistance signals a change in market sentiment from selling on rallies to buying on dips.
- The long-wick rejection candles at $0.6 indicate the sellers continue to defend this psychological level.
- The intraday trading volume in the XRP is $2.1 Billion, indicating a 102% gain.
XRP Price Prediction: The cryptocurrency market has been aggressively bullish since late February, projecting its sustainability above the $2 Trillion mark. While a majority of major coins rallied in tandem with Bitcoin, the XRP price showcased waning bullish momentum this week. From the last swing low of $0.534, the coin price jumped 11% to current trade at $0.59. Will XRP regain momentum in March?
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XRP Price Escapes from a Seven-Month Resistance
The sixth-largest cryptocurrency XRP has been riding a slow yet steady recovery since last month under the influence of an ascending trendline. The dynamic support uplifted the asset during minor dips keeping the recovery intact to reach $0.59 as the press time.
With an intraday jump of 0.44%, the XRP price shows a bullish breakout from the downsloping resistance trendline which carried a correction trend for nearly 7 months. However, a short body candle and low volume indicate weakness in buyers’ conviction.
If the buyers fail to sustain above the breached trendline, the XRP price may fall back to the lower trendline to recuperate strength. Until the rising support is intact, the traders can prolong the ongoing recovery trend.
Also Read: XRP Whales Shift 62 Mln Tokens Amid Price Rally, Is $0.75 Next?
Is XRP Price Heading to $0.75?
While the current market outlook projects a bullish to neutral stance for XRP, the reclaimed resistance trendline may provide buyers with suitable support. The price sustainable above this support could accelerate the recovery momentum.
With sustained buying, the XRP price will chase the next potential target at the $0.75 mark
- Bollinger Band: The rising price challenging the upper boundary of the Bollinger Band indicator suggests that recovery momentum is active in this asset.
- Moving Average Convergence Divergence: A bullish crossover between the MACD(blue) and signal(orange) signals the asset indicating the buyers have an upper hand over this asset.
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