XRP Price Prediction: As a Reversal Sprouts, Will $XRP Price Reach $0.6?

Sahil Mahadik
Updated
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XRP price

The XRP price undergoes a consolidation range, as the bears challenge the solid psychological mark of $0.50. With momentum trapped within the Bollinger bands, the XRP price action teases a sharp breakout move shortly. Losing all the partial victory gains, the XRP price may soon crumble below $0.50. Should you consider buying the dip or wait for a reversal? 

Also Read: XRP Price Prediction Begins Bullish Action, Path To $1 Clear?

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Double Bottom Pattern Hints Pontential Upswing

  • Avoiding a double top breakdown, the XRP price takes second support at the $0.48 demand level.  
  • Trapped between two constructing Bollinger bands, the MACD indicator gives a bullish divergence.  
  • The intraday trading volume in the XRP is $608 Million, indicating a 26% loss.

TradingView ChartSource: Tradingview

In response to the crumbling market conditions, the XRP price has been breaking multiple support levels. Losing the entire 73% gains of the partial victory against the second, the XRP coin price bottoms out the downtrend slightly below the mark of $0.50. 

Transforming into a sideways trend, the XRP price action reflects a slight exhaustion in selling pressure over the weekend. Moreover, the XRP price action hints at a potential double-bottom reversal within the consolidation range.  

With the Ripple labs taking a stronger stand against the SEC, in response to their appeal, the positive sentiments are to rise. Therefore, a recovery rally in XRP is possible if the crypto manages to break above the consolidation range. 

[converter id=”xrp-xrp” url=”https://coingape.com/price/converter/xrp-to-usd/?amount=1″]

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Can XRP Buyer Make a Comeback?

While the overall market sentiments are declining with the SEC delaying the Bitcoin ETF approval, the altcoins may hit lower lows in the coming week. With the growing harsh conditions, the XRP coin price can breach the $0.48 demand belt to reach $0.42. 

Optimistically, the reversal sprouting from the $0.42 mark can reach the $0.55 resistance top to complete the positive cycle in the range. This will increase the breakout chance which may propel XRP to $0.59. 

  • Bollinger Bands: Bollinger bands continue to move sideways as the constricting price movement develops. 
  • Moving Average Convergence Divergence: With a prominent bullish divergence, the tangled MACD lines give an overall positive signal. 
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.