MEXCXRP Price Prediction: Will XRP Price Reach $0.55 Mark Before March End?
XRP Price Prediction: Despite an indecisive market sentiment, the XRP price continues with its upward march and prolonged bullish recovery. Today, the altcoin showed an 8% intraday gain and breached the last swing high resistance of $0.423-$0.42. This breakout indicates the buyers’ confidence to reclaim higher ground. When can you enter?
Key Points:
- On March 21st, the XRP price shows a long-wick rejection candle at the $0.475 mark, indicating a high supply pressure
- A bullish breakout from the $0.475 resistance could raise the XRP price by 15% to hit $0.55.
- The intraday trading volume in the XRP is $1.97 Billion, indicating a 29% gain.
Source- Tradingview
In the weekly time frame chart, the XRP price shows the formation of a double-bottom pattern. This pattern resembles a W-shaped structure, where the prices bounced back twice from the same horizontal level indicating the buyers are accumulating at lower levels.
This bullish reversal pattern can offer a long-entry opportunity once the prices break the neckline resistance level. By the press time, the XRP price traders at the $0.48 mark and as mentioned above have recently breached a significant resistance of $0.475.
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If the daily candle closes above $0.475, the buyers will get a tough footing to prolong its bullish recovery 15% higher to hit $0.55. Furthermore, the $0.55 barrier is the neckline resistance of the double bottom pattern and its breakout will be a strong signal for an upcoming bullish rally.
On a contrary note, if the daily candle closes below the $0.475 level by the day’s end, the coin holders can witness a minor consolidation phase.
Technical Indicator
Moving Average Convergence Divergence: the MACD(blue) and signal(orange) slope gradually rise higher into the bullish territory indicating a sustained recovery in the market.
EMAs: with the recent price surge, the XRP holders reclaimed the 50-and-200-weekly EMAs offering an extra edge on the buyers’ side.
XRP Intraday Price Levels
- Spot price: $0.474
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.51 and $0.55
- Support level- $0.42 and $0.36
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