XRP Price Prediction: XRP Price Poised for 6% Rise in Coming Week; But There’s a Catch
XRP Price Prediction: Amid the recent correction in the XRP price, the coin holders witnessed a 25% loss from the peak of $0.585 over the last three weeks. This bearish pullback plunged the coin price to 61.8% Fibonacci retracement level at $0.44 support. In theory, this FIB level is a watchful mark as the price driven to such a low level also indicates weakness in bullish momentum. Thus, the recent uptick in the XRP price doesn’t confirm the resumption of bullish momentum.
Key Points:
- A long-coming ascending trendline is the key support holding the bullish outlook in XRP price.
- A new resistance trendline directs the ongoing correction phase
- The intraday trading volume in the XRP is $479.5 Billion, indicating a 39% loss.
Source- Tradingview
On April 22nd, the XRP price rebounded from the combined support of $0.44 and 61.8 FIB level with a bullish piercing candle. This reversal candle at strong support increases the possibility of price recovery.
Today, the XRP price is down 1.48% but, if the buyers sustain above the midline of yesterday’s bullish candle, the coin will rise 6% to retest the $0.5 psychological mark as potential resistance. This level is crucial for coin holders in the coming week or two as a reversal sign from it will form a new lower higher which will encourage the resumption of further correction.
Also Read: What Is Regenerative Finance (Refi) And Who Is It For?
If the XRP price breached $0.44 support in the near future, an ascending support trendline will remain the last support to maintain a bullish trend.
On a contrary note, if the bullish pullback gives a daily candle closing above $0.5 the buyers will gain an extra edge to reclaim lost ground.
Technical indicator
MACD: the increasing gap between the falling MACD(blue) and the signal(orange) line indicates the rising bearish momentum in the XRP price.
EMAs: the XRP price plunged below the 20-and-50-day EMAs fter five-week increases in the probability for a longer correction phase.
XRP Intraday Price Levels
- Spot price: $0.46
- Trend: Bearish
- Volatility: Low
- Resistance level- $0.496-$0.5 and $0.54
- Support level- $0.47 and $0.432
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