XRP Price Prediction: XRP Eyes Major Reversal as Buyers Step In at $0.48
Highlights
- A downsloping trendline carries the current correction trend in the XRP price.
- The daily EMAs 100 and 200 wavering at the $0.57 level creates a high supply zone for sellers.
- The intraday trading volume in the XRP is $1.1 Billion, indicating a 21% loss.
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.
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.
Related Articles
Recent Posts
- Price Analysis
Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
Cardano price could go parabolic in the coming weeks as the odds that the Securities…
- Price Analysis
HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
HBAR price has gained fresh traction after climbing above $0.24, reflecting renewed strength in Hedera…
- Price Analysis
Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
The Toshi Coin price surged 57% at the time of press, making it one of…
- Price Analysis
Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
Shiba Inu price has crashed in the past few days, moving from a low of…
- Price Analysis
Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
PEPE price has entered a decisive phase, showing tightening ranges as accumulation signals continue to…
- Price Analysis
XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
The XRP price has gained renewed attention as both technical and institutional factors converge. Recently,…