Price Analysis

XRP Price Prediction: Will XRP Price Hit $1 in April 2023?

After a minor pullback, the XRP price is ready to rechallenge the multi-month resistance of $0.56. Buy now?

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Published 02 Apr, 2023 | 07:16:20 PM UTC

XRP Price Prediction: Will XRP Price Hit $1 in April 2023?

XRP Price Prediction: Defying the widespread uncertainty in the crypto market, the XRP price showed an explosive rally in the latter half of March. During this period, the altcoin registered 57% growth as the prices rallied from the $0.357 low to a monthly resistance of $0.56. Moreover, in the weekly time frame chart, this bull rally assisted in the formation of a double bottom pattern. This famous bullish reversal pattern hints at strong accumulation from buyers at lower levels which most likely trigger a massive upswing.

Key Points:

XRP price’s recent pullback will bolster buyers to recuperate exhausted bullish momentum
A potential breakout from the $0.55 resistance will complete the long-coming double-bottom pattern
The intraday trading volume in the XRP is $1.47 Billion, indicating a 27% gain.

Source- Tradingview

Amid the increasing FUD in the crypto market, the rising XRP price turned down from the $0.56 neckline resistance of the double bottom pattern. However, after the short correction tumbled the coin’s market value by 9%, the prices found immediate support at the $0.508 mark.

Anyhow this minor pullback must have only benefited the XRP price to replenish the exhausted bullish momentum. Today, the XRP price jumps 2.75% from the aforementioned support and currently trades at the $0.52 mark.

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With sustained buying, the buyers may breach the $0.56 resistance which will trigger the double bottom pattern. In ideal bullish conditions, the post-breakout rally may drive the XRP price 45% higher to reach the $0.8 psychological resistance by the month’s end.

In case, the XRP price reverts from $0.56 again, the coin holders may witness a prolonged consolidation phase.

Technical Indicator

Average Directional Moving Index: the ADX slope standing upright indicates the overall bullish momentum remains strong

EMAs: A golden crossover between the 50-and-200-day EMAs will encourage XRP price for uptrend continuation.

XRP Intraday Price Levels

Spot price: $0.525
Trend: Bullish
Volatility: Medium
Resistance level- $0.56 and $0.0.65
Support level- $0.50 and $0.43

Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by

Brian Bollinger

Published 02 Apr, 2023 | 07:16:20 PM

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