Sign Up on MEXC
XRP Price Prediction: Amid the recent sell-off in the crypto market, the XRP price prolonged its bearish correction and plunged to $0.37 local support. This strong footing should have bolstered buyers to resume price recovery but uncertain market sentiment has limited the recovery attempts. Thus, the XRP hovering above this $0.37 for the last five days accentuate indecisiveness among market participants. However, the falling channel pattern intact may assist buyers to change market trends.
Key Points:
- Though the falling channel pattern carries a steady downtrend, in theory, it’s known as a bullish continuation pattern, offering a long entry opportunity after the breakout of its resistance trendline.
- A potential breakout from this pattern’s resistance trendline will hint at a switch in market sentiment from selling on rallies to buying on dips.
- The intraday trading volume in the XRP is $469.7 Million, indicating a 37% gain.
Source- Tradingview
The XRP price continues its downward journey within the two trendlines showcasing the formation of a falling channel pattern. The coin price reverted from the pattern’s downsloping trendlines several times indicating the traders strictly respected this pattern.
The XRP coin currently trades at $0.379 and hovers above the local support of $0.37. The multiple Doji candles in the last five days indicate the price sustainability above the aforementioned support but also uncertainty among traders.
Thus, if the price could move above support, the buyers are likely to raise higher and rechallenge the overhead trendline. A bullish breakout from this resistance will be the key signal for trend reversal.
A daily candle closing above the trendline could offer buyers an entry opportunity and which could drive the prices above $0.4 and reach the $0.43 peak.
Having said that, the ongoing correction will continue as long as the prices are below the overhead trendline.
Technical Indicator
Relative Strength Index: the daily-RSI slope wobbling around the midline accentuates a neutral market sentiment
EMAs: The 20-50-and-100-day EMA moving just above the XRP price indicates the buyers have to face multiple resistance for a trendline breakout.
XRP Intraday Price Levels
- Spot price: $0.38
- Trend: Bullish
- Volatility: High
- Resistance level- $0.4 and $0.43
- Support level- $0.37 and 0.359
- BNB Hits New ATH As Binance Partners With $1.6T Franklin Templeton
- Crypto Market, S&P 500 Rally as PPI Data Fuels Rate Cut Hopes
- Breaking: U.S. PPI Cools To 2.6%, BTC Price Rises
- Traders Brace for Hot US PPI amid Sticky Inflation, Risks BTC, ETH, XRP Liquidations
- Shiba Inu Releases Update On LEASH V2 Migration, Here Is What To Know
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
- Meme Coin Price Prediction: Shiba Inu, Pepe Coin, Dogecoin, TRUMP
- HYPE Price Eye $88 the Next as Lion Group’s Treasury Shifts to Hyperliquid
