- XRP/USD soared past the $0.1810 mark, registering a superficial 15% increase in the past 24 hours.
- However, the price looks set for a short term correction to $0.1730, as a contracting bullish triangle forms on the short term charts.
- Is a deadly correction in sight?
Over the past few hours, the price of XRP relative to the dollar has been on a spike hitting an intraday high of $0.1815 signaling a possible end to the wild bearish market in the past month. After crossing the key resistance point at $0.1620, XRP bulls look set to push the price towards the $0.2000 mark. But is a deadly correction in line?
XRP/USD rallies over 15% in a day
The crypto market has suffered over the past month as the world continues its fight against the novel coronavirus (COVID-19). XRP in particular dipped to the pre-2017 level, setting a low of $0.11600 on Black Thursday as investors moved towards cash in the rush of getting supplies during the “almost” global quarantine time.
Since hitting rock bottom, the price has steadily increased and at the close of the markets, two weeks later, the price set a projected bullish trend after gaining over 15% in a day. Currently, XRP/USD trades at $0.17400 following a breach above the $0.1650 and $0.1700 resistance levels. Could this signal the end of a long-standing bearish trend on XRP?
XRP bulls soared above the resistance provided by the 100-day simple moving average and currently sits comfortably above this key level. A breach above the $0.18800 key level will undo the “Black Thursday” losses giving a very bullish signal of a push past the $0.2000 mark.
Deadly correction on the horizon?
However, a contracting bullish wedge on the price gives a doom signal on the XRP/USD pair. A continuing dip towards the $0.16900 and $0.16400 support levels could start a downside correction on the token. Currently the RSI on the 4-hour charts is oscillating from the overbought levels with a downward projection.
Bulls will need to fight off the possibility of dipping below the major resistance at $0.1600 in the next few days to avoid a capitulation towards the $0.1200 level.
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