XRP 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