XRP Price Prediction: Losing Bullish Momentum Hints $XRP May Fall Back to $0.5
XRP Price Prediction: Amid the last two weeks of recovery, the XRP price provided a decisive breakout from the multi-month resistance of $0.55. While this breakout was expected to further accelerate the buying momentum, the crypto market witnessed a sudden wave of supply pressure as the leading cryptocurrency is struggling to surpass the $35,000 mark. Thus, the newfound selling pressure threatens XRP for an upcoming correction.
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Fake Breakout May Intensify Supply Pressure
- The XRP price breakdown below $0.5 would create a bull trap scenario to accelerate selling pressure.
- The daily EMAs gathered around $0.52 create strong support.
- The intraday trading volume in the XRP is $1.06 Billion, indicating a 28% loss
Source: Tradingview
From the October 12th low of $0.472, the XRP price showed a notable recovery of 23% to reach a high of $0.58. Supported by substantial trading volume, the price surge decisively breached the $0.55 resistance level, signaling that buyers are gearing up for an extended upward trend.
On October 24, the coin price successfully broke the $0.55 resistance level, a barrier that had thwarted buyers for over two months. While this breakout was supposed to catalyze further bullish activity, a sudden influx of selling pressure has prevented XRP from breaching $0.56.
Consequently, the asset has been trading sideways above the recently breached $0.55 level for the past three days. Although breakouts are generally expected to yield quick results, this lateral movement may signify a weakening in buyers’ commitment.
A drop below this newfound support could quickly trigger a 5% decline to the psychological support level of $0.5
Is XRP Heading to $0.6?
On a positive note, the XRP price candles of the past three days have displayed long downside wicks, indicating buyers are defending the newly established support level. Should this support hold, the next target for this altcoin could be $0.6, presenting a potential gain of 8.5%.
- Moving Average Convergence Divergence: The MACD line (blue) hovers above the signal line (orange), indicating a positive market sentiment is intact.
- Exponential moving average: A bullish crossover between the 20-day and 50-day EMAs provides further encouragement for buyers.
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