XRP Price Prediction: XRP Price Coiling Up Before a Massive Move; Enter Now?
XRP Price Prediction: In the last two days, the crypto market witnessed a significant uptick which is most likely associated with another case of the U.S Bank crisis. Similar to what the crypto investors experienced in Mid March, the First Republic Bank is now facing massive outflow, driving the market participant more toward the crypto market. Thus, the XRP price rebounded from the $0.44 local support and surged 7.5% to hit the immediate resistance of $0.48
Key Points:
- The XRP price still above the 50% retracement level keeps the overall market trend bullish
- The XRP price needs a breakout from either level of the ongoing range to a direction rally.
- The intraday trading volume in the XRP is $1.2 Billion, indicating an 18% gain.
Source- Tradingview
A descending resistance trendline is currently carrying the ongoing correction phase in the XRP price. Under the influence of this trendline, altcoin plunged from a high of $0.586 to a low of $0.44, registering a 24.6% loss.
However, the $0.44 support aligned with the 50% retracement level created strong support and turned the falling trend sideways. Over the last six days, the XRP price has been wobbling between the $0.48 and $0.44 levels and formed a narrow price range.
Moreover, the daily chart showing a rejection candles on both sides indicates the coin price is struggling to sustain beyond this range which reflects uncertainty among market participants.
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Therefore, if the XRP price managed to breach $0.44 support with a daily candle closing, the selling pressure will intensify and may drive the altcoin 6% down to reach $0.4.
On a contrary note, a breakout above the overhead resistance is needed to resume the bullish recovery. This potential breakout may drive the coin price back to the last swing high of $0.58.
Technical Indicator
Moving Average Convergence Divergence: The falling MACD(blue) and signal(orange) nearing closer reflect the decreasing bearish momentum. Moreover, these slopes moving above the midline reflect the overall trend is bullish.
EMAs: The 20-day EMA moving near $0.48 impose additional selling pressure on the XRP price.
XRP Intraday Price Levels
- Spot price: $0.477
- Trend: Bullish
- Volatility: High
- Resistance level- $0.48 and $0.5
- Support level- $0.44 and $0.4
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