XRP Price Riding A Bullish Pattern; Buy Now?
On September 20th, a bullish breakout from the $0.385 resistance released the XRP price from a three-month-old consolidation. Thus, with the range breakout and improving market sentiment regarding XRPvsSEC case, the altcoin pumped 43.% high to reach a peak of $0.5523. However, Amid some sharp sell-off in the crypto market, the XRP price witnessed a significant correction.
Key points:
- The post-correction rally records a 12% rise in XRP price
- The 50-and-100-day EMA is on the verge of a bullish crossover
- The intraday trading volume in the XRP is $4.5 Billion, indicating a 123% gain.
Source- digitalcoinprice
The recent correction tumbled the XRP price by 24.4% and plunged to the 61.8% Fibonacci retracement level($0.42). However, the altcoin was rejected from the lower price and managed a daily candle above the $0.446 support.
Anyhow, this correction was needed after a sudden rally to stabilize the coin prices.
On September 29th, the XRP price rebounded from $0.446 support with a morning star candle. This bullish candle pattern attached with long-tail rejection indicates a high demand zone at $0.446. However, the post-correction rally still faces supply pressure at the $0.513 supply zone.
Today, the altcoin is 2.65% and tries to hold above the 200-day EMA support. If the bullying pressure persists, the prices could breach this resistance and resume the prevailing recovery. This breakout will reveal the market sentiment has shifted from selling on rallies to buying on dips.
Moreover, the technical chart reveals this whole price action as a rounding bottom pattern. This bullish pattern sets the XRP price on a bullish trend, and with sustained buying, the market value should be $0.56 or $0.66.
Conversely, if the sellers continue to defend the $0.513 resistance, a possible reversal from this barrier will weaken the bullish thesis.
Technical Indicator
EMAs: An upswing of crucial EMAs(20, 50, and 100) highlights the short-term trend has turned bullish. Moreover, the 20-day EMA acts as dynamic support to rising prices.
Relative Strength Index: The daily RSI slope reverted from the oversold rejection indicates signs the excess buying pressure has neutralized.
- Resistance levels: $0.515 and $0.56
- Support levels: $0.446 and $0.423
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