XRP Price Prediction: XRP Eyes Major Reversal as Buyers Step In at $0.48

XRP Price Prediction: The downward trend in XRP’s price has paused due to strong demand at the $0.48 level. The daily chart features long rejection candles, underscoring buyers’ efforts to maintain this critical support level, which has resulted in the formation of two higher lows over the past three weeks. As the Bitcoin price exceeds the psychological level of $60,000, a broader relief rally is gaining traction, setting the stage for further upward movements.

Also Read: Ripple Vs. SEC: What To Expect From Ripple’s Reply As XRP Price Jumps 4%

XRP Sees Recovery Potential as Dormant Tokens Stir Market Interest

Over the past seven weeks, the XRP price has witnessed a steady correction trend displayed by a downsloping trendline in daily charts. Under the influence of this dynamic resistance, this altcoin has witnessed active selling pressure during bullish bounces, a market behavior often spotted at established downtrends.

However, the falling XRP price has temporarily paused due to strong buying pressure at the $0.48 level. The renewed recovery has surged the altcoin to $0.527 recording a 10% increase in the last three days.

According to Santiment, there has been a significant increase in the movement of dormant XRP tokens as we entered May, an occurrence that mirrors a similar spike observed on April 13th, which preceded a 16% drop in XRP’s price.

🤑 #XRPLedger has been seeing an abundance of dormant tokens moving to open up May. Our Token Age Consumed metric indicates that this was a remarkably similar spike in old coins being moved compared to the April 13th spike, just before markets tanked and $XRP dropped -16% in… pic.twitter.com/vHpaDuJNaE

— Santiment (@santimentfeed) May 2, 2024

However, the current dynamics might differ. Santiment posits that the recent movement of old tokens could be driven by “buy the dip” interests among key stakeholders rather than a prelude to a drop. Since the spike in early May, there has been a mild increase in XRP prices, coupled with a surge in open interest on exchanges, reaching a three-week high.

Thus, the XRP price could breach the overhead trendline if the recovery momentum persists, signaling the end of the correction trend. The post-breakout rally could surge the coin price by 18% to hit resistance at $0.64.

Also Read: XRP News: Analyst Predicts XRP To Hit $1.88 Amid Price Rebound

Technical Indicator:

• Exponential Moving Average: A negative crossover alignment in daily EMAs(20, 50, 100, and 200) suggests that sellers are currently dominating this asset.
• Moving Average Convergence Divergence: A bullish crossover between MACD(blue) and signal(orange) lines indicates the rising buying momentum at $0.47 support.