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XRP Price Prediction: Driving a bounce-back rally with increasing momentum, the buyers test the overhead resistance trendline. However, the higher price rejection with the market-wide setback pulls back the XRP price under $0.65. This warns of a deeper correction. Will Ripple Labs manage to swim against the market-wide correction or is it falling under $0.60 this time?
Is XRP Crashing Below $0.60?
- The XRP price shows a sharp reversal from the resistance trendline as sellers delay a bullish break.
- The 5% drop with long tail formation teases a consolidation range.
- The intraday trading volume in Ripple is $1.843 Billion, indicating a 17% gain.
Hyping up the bullish hope for a breakout, the XRP price shoots from $0.57 and tests the overhead trendline. However, the hot bullish momentum chills down as the overhead supply leads a long wick candle, igniting a pullback phase.
Failing to unleash the uptrend with a slanted cup and handle pattern, the coin price reverts under $0.65 and approaches the bottom support of $0.60. Further, testing the patience of XRP holders, the ongoing correction may leave a big dent if it falls below the $0.57 mark.
Currently, the daily candle shows the XRP price trading at $0.62 and results in a bearish engulfing candle. However, the long wick keeps the bullish hope of reversal alive and may lead to a bounce back in the coming days or even hours.
Can XRP Sustain The Bullish Breakout Confidence?
The XRP price recovery fails to rechallenge the $0.70 mark and takes an early reversal, forming a lower high formation. Generating a downtrend under the influence of an overhead trendline, the altcoin walks on thin ice.
Considering the recovering market conditions help the coin price bounce back to give a break, the uptrend can reclaim $1 in 2023 with the Santa rally. However, a fall under $0.57 will make this even more difficult and might result in Ripple(XRP) ending the year at $0.50.
- Bollinger band: A reversal from the upper boundary of the Bollinger band indicator reflects the sellers are currently having an upper hand.
- MACD indicator. A bullish crossover between MACD and signal lines fails to sustain and teases a negative crossover.
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