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Amidst the crypto market’s recent bullish climate, the XRP price has experienced a notable bounce from its $0.477 support level. On the four-hour chart, this upswing appears to have culminated in the formation of a Double Bottom pattern, with the price breaking above the neckline resistance at $0.51. While this is a bullish reversal signal that could instigate a short-term rally, the question remains: is it sufficient for a sustainable recovery?
Also Read: XRP Rumored as France’s Pick for Digital Currency
Can Buyers Break Past $0.55 Barrier?
- The XRP price witnessed supply pressure at the $0.55 mark
- A long-coming support trendline acts as a safety net for coin holders.
- The intraday trading volume in the XRP is $773 Million, indicating a 58% gain
Source: Tradingview
With a persistent supply pressure at the $0.55 mark, the XRP coin price has been trading sideways over the past two months. Despite some substantial price swings within this period, the lack of a definitive directional move suggests a climate of uncertainty among traders.
However, buoyed by the current market optimism, the coin has rebounded from $0.47 support to the current trading price of $0.52, registering a 10% gain. The price has also completed the formation of a well-known bullish reversal pattern Double Bottom.
Under the influence of this setup, the coin price suggests a potential 4.8% rise to retest the $0.55 resistance level. For traders eyeing bullish opportunities in XRP coin, a breakout above this resistance would be a key indicator.
In an ideal bullish scenario, overcoming the $0.55 barrier could accelerate buying pressure, driving the price toward $0.6 followed by the $0.66 level.
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Here’s Why the XRP Price Bullish Trend is Intact
While the near-term outlook for the XRP price might seem somewhat sideways, it’s important to note that the medium-term trend is bullish, guided by an ascending support trendline that has been in play for 10 months. This trendline serves as a protective barrier for buyers, shielding them from major corrections and providing a foundation for the coin’s ongoing recovery.
- Exponential moving average. This altcoin price wavering around the daily EMAs (20, 50, 100, and 200) accentuates a sideways trend.
- Moving Average Convergence Divergence: A bullish crossover state between the MACD(blue) and Signal(orange) reflects a recovery sentiment in the market.
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