XRP Price Prediction: Will XRP Price Hold $0.7 Support?

04 Mar, 2022

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From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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The Ripple (XRP) price trapped in the daily flag pattern has experienced its third reversal from the descending trendline. Following an evening star candle, the altcoin continued to march lower today, indicating a 1.78% intraday loss. The sellers could pull the coin to the base support trendline before the buyers could initiate the next bull cycle.

Key technical points

The daily-RSI slope nosedived into the bearish region
The Flag pattern governs the ongoing correction
The intraday trading volume in the XRP is $2.32 Billion, indicating a 2.9% hike.

Source: Tradingview

On February 11th, the XRP/USD pair turned down from the shared resistance of $0.7 and 200-day EMA, indicating the sellers are aggressively defending the level. The correction rally revealed a flag pattern in the daily time frame chart, registering a 25% loss from the February high($0.91).

Recently, the XRP price has faced its third rejection from the descending trendline($0.8), forming three straight daily red candles.

Following the price pattern, the sellers would sink the altcoin by another 15%, bringing it to the bottom support trendline. However, the bears could struggle at in-between support at $0.7.

Moreover, the flag pattern is a bullish continuation pattern and breakout, and closing above the resistance trendline would provide the first sign of XRP recovery.

Technical Indicator

The recent price correction has slipped the XRP price below the crucial EMAs(20, 50, 100, and 200), suggesting the path of least resistance is downward.

The Relative Strength Index(49) slope plugged below the midline and 14-SMA, indicating the negative sentiment has revived.

Resistance level: $0.78 and $87
Support levels: $0.7 and $0.5

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.

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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.