MEXCXRP Price Prediction: Can XRP Price Reach $0.43 Peak Before March End?
XRP Price Prediction: Defying market sentiment, the XRP price rising for four consecutive days has recorded 8.6% growth. With this recent price rally, the coin buyers are trying to breach the resistance trendline of a six-week-long expanding wedge pattern and replenish the bullish momentum. Here’s how this pattern breakout could influence the future price of the XRP coin.
Key points:
- A bullish breakout from the overhead resistance will project an early sign of trend reversal
- The flattish EMAs(20, 50, 100, and 200) accumulated near $0.383, creating a strong support zone.
- The intraday trading volume in the XRP is $1.6 Billion, indicating a 15% gain.
Source- Tradingview
While the overall market sentiment witnessed increasing bearishness, the XRP price managed to rebound from local support of $0.36 on March 6th. The resulting recovery rally, backed by growing volume, reflected that the buyers are wrestling to take trend control.
However, On March 8th, the coin price tried to breach the overhead trendline of the wedge pattern but failed and formed a higher price rejection wick. This long rejection indicated the sellers continue to defend the dynamic resistance.
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Thus, the tug of war between bears and bulls continues as the XRP price jumps 1.65% today and shows another breakout attempt from overhead resistance. If the daily candle closes above the trendline, the buyers can use the breached resistance for a strong footing to resume prior recovery.
The post-breakout rally could soar the XRP price by 9.5% and hit the last swing high resistance of the $0.433 barrier.
On a contrary note, if the daily candle shows a few more rejection candles at this resistance, the prices will likely revert lower and prolong the ongoing downfall for a longer period.
Technical Indicator
Relative Strength Index: the daily RSI slope jumped above the Mid February peak, indicating the underlying bullishness in the coin is rising.
EMAs: the crucial EMAs(20, 50, 100, 200) continuing their lateral walk indicated the overall price trend is sideways.
XRP intraday price levels
- Spot price: $0.393
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.408 and $0.43
- Support level- $0.37 and 0.359
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