NewsletterXRP Price Wavers In Make or Break Situation; Is It Safe To Buy?
Unlike the majority of major cryptocurrencies, which witnessed a significant rally in the first two weeks of 2023, the XRP price showed limited growth. Amid this recovery, the coin price rebounded from the 0.33 support, breached the local resistance of $0.374, and rallied 23% higher to make a swing high at the $0.4 mark. However, can the XRP price maintain a sustained recovery in the coming weeks?
Key points:
- The XRP price resonating between the 0.41 and 0.33 mark for the past 2 months indicates a range Bond Trend.
- A daily candle closing above $0.41 could set the XRP price for a 7.6% jump
- The intraday trading volume in the XRP is $1.4 Billion, indicating a 39% gain.
Source- Tradingview
The crypto market has stalled its recovery in the last few days, to which the XRP price went sideways and wobbled between the $0.37 and $0.41 barriers. Between this range, the daily chart candles showed several Doji candles with long higher and lower price rejection wicks, indicating uncertainty in the XRP price.
Anyhow, the lateral walk above the $0.37 mark would allow the buyers to retest the recently reclaimed support. Moreover, a prolonged consolidation above the aforementioned support will validate whether the coin price is well supported by this level and can be used to climb higher.
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Therefore, investors believing the XRL price could rise in the near future can use this support as an entry opportunity. Meanwhile, those looking for a safer entry can consider buying after the breakout of the $0.4 barrier.
A bullish breakout from the overhead resistance could drive the exact price 7.6% higher to hit the $0.44 mark.
On a country note, a breakdown below the $0.37 support will undermine the bullish thesis.
Technical Indicator
EMAs: the flattish crucial are (20 50,100, and 200). highlights a sideways friend in XRP. However, a potential bullish crossover between the 20-and-50-day EMA near the 0.37 mark increases the support power of this level.
Relative Strength Index: the delay RSI slope moving above the midline indicates the market sentiment is positive for a bullish recovery.
XRP Intraday Price Levels
- Spot price: $0.387
- Trend: Bullish
- Volatility: High
- Resistance level- $0.41 and $0.44
- Support level- $0.37 and 0.33
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