XRP Price Prediction: Supply Pressure at $0.55 Threatens XRP Price for Temporary Correction; Buy Again?
XRP Price Prediction: Within a fortnight, the XRP price witnessed an aggressive rally and reached a ten-month high of $0.58. However, the buyers could not sustain at a higher level and plunged immediately below the $0.55 monthly resistance. Moreover, the long-wick rejection attached to the daily candle indicates the sellers are active at this level and could force a temporary pullback.
Key Points:
- A potential correction in XRP price will replenish the exhausted bullish momentum.
- A golden crossover between the 50-and-200-day EMA is a strong buy that could encourage more buyers in the market.
- The intraday trading volume in the XRP is $2.02 Billion, indicating a 36% gain.
Source- Tradingview
Amid the recent recovery, the XRP coin price tried to breach the $0.55 neckline resistance of the double bottom pattern. This bullish pattern is often spotted at market bottoms and indicates that the buyers are aggressively accumulating at lower levels.
However, the $0.55 breakout attempt on March 29th failed and the daily candle closed below the mentioned resistance leaving a long-wick rejection. This rejection is a sign that sellers are aggressively defending the $0.55 resistance and buyers would need higher force to reclaim this level.
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Furthermore, the coin price shows more rejection candles at the $0.55 resistance level in the last few days, indicating a possibility for a bearish reversal.
As per the Fibonacci retracment level, the potential correction could obtain strong support at 0.236 FIB level at $0.51, followed by 0.382 FIB at $0.48.
Any further correction will gradually weaken the bullish thesis of the double-bottom pattern.
Technical Indicator
Relative Strength Index: The daily-RSI slope reverted from the oversold rejection indicates the buyers overextended the recent recovery, and thus a minor correction is needed to recuperate the bullish momentum.
EMAs: the XRP price trading far above the daily EMAs(20, 50, 100, and 200) also suggests a price retracment will stabilize the overall bullish trend.
XRP Intraday Price Levels
- Spot price: $0.534
- Trend: Bullish
- Volatility: High
- Resistance level- $0.55 and $0.582
- Support level- $0.51 and $0.47
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