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XRP Price prediction May 24, 2023: The crypto market witnessed a sudden uptick today and printed a green candle on the majority of major cryptocurrencies.
However, the XRP price shows an intraday loss of 0.17% indicating the sellers are having a strong grip on this altcoin. This red candle formed at a crucial resistance suggests the bears are likely to prolong the correction phase lower.
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XRP Price Daily Chart
- The XRP price may extend its downward trend until the falling channel pattern is intact
- A breakout from the upper trendline of the channel pattern will offer a long entry opportunity to traders.
- The intraday trading volume in the XRP is $513.4 Million, indicating a 15% loss.
Source- Tradingview
The XRP price currently trades at the $0.46 mark and shows a bearish hammer candle at the resistance trendline of the channel pattern. This chart setup has been carrying a correction phase in this altcoin for the past two months, offering bears an excellent opportunity to sell on a bullish upswing.
The coin price has bounced thrice from both the downsloping trendlines of this pattern validating its influence on market participants. Thus, if broader market sentiment experienced any bearishness, the XRP price is more likely to revert lower.
A potential bearish reversal would tumble the prices 18-19% lower to hit the support trendline at $0.37. Conversely, interested investors waiting for an entry opportunity must wait till the price breach the channel pattern on the upside.
Will XRP Price Plunge to $0.37?
A bearish from the resistance trendline of the channel pattern usually triggers a downfall to the lower trendline, Therefore, with sustained selling, the XRP price is likely to show a gradual downfall to $0.375, with minor roadblocks at $0.43 and $0.41.
- Supertrend: Despite the recent recovery, the Super trend indicator reflects a red film suggesting the market sellers pose an upper hand
- Moving Average Convergence Divergence: A wide gap between the MACD (blue) and signal(orange) line in a bearish alignment indicates the buyers are wrestling to take trend control.
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