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XRP Price Prediction: The XRP price witnessed a massive inflow today and breached a four-month high resistance of $0.43. Thus a decisive breakout supported by a strong upsurge in volume activity indicates the buyers’ commitment to regain higher prices. Here’s how this breakout may influence the XRP coin’s near future growth.
Key Points:
- The XRP price breakout from $0.45 monthly resistance indicates a prolonged recovery for coin holders.
- The XRP price breakout from the falling wedge pattern releases the trapped bullish momentum
- The intraday trading volume in the XRP is $3.1 Billion, indicating a 175% gain.
Source- Tradingview
Neglecting the market sentiment for over two months, the XRP price witnessed a steady downfall from $0.43 to $0.35 mark. Moreover, this downtrend resonated strictly within two downsloping trend lines which revealed the formation of a falling wedge pattern.
In theory, this pattern completion is a sign of the continuation of a prevailing bullish trend, offering a long entry opportunity to traders. However, today, the XRP price witnessed a sudden buying pressure and breached the pattern’s resistance trendline and the four months high resistance of $0.43 in one go.
Also Read: XRP Ledger Growth Rampant Amid Ripple’s US Regulatory Concerns
This breakout backed by increasing volume indicates a genuine breakout and the possibility of a prolonged uptrend. Thus, if today’s candle closes above the $0.43 mark the buyers will get strong flipped support to sustain a high level.
Thus, interested traders can look for an entry opportunity once the price revisits the $0.43 support. The potential price really may drive the XRP price to possible targets of $0.47, $.51, or $0.55.
Technical Indicator
RSI: The daily RSI slope moving high in bullish territory indicates a positive outlook from traders to an extended bullish rally.
EMAs: the rising price reclaimed by the daily EMAs(20, 50, 100, and 200) offers an additional edge on long position traders.
XRP Intraday Price Levels
- Spot price: $0.45
- Trend: Bullish
- Volatility: High
- Resistance level- $0.47 and $0.51
- Support level- $0.43 and $0.4
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