Published 3 hours ago
XRP Price Prediction: The XRP price witnessed a massive inflow today and breached a four-month high resistance of $0.43. Thus a decisive breakout supported by a strong upsurge in volume activity indicates the buyers’ commitment to regain higher prices. Here’s how this breakout may influence the XRP coin’s near future growth.
Key Points:
- The XRP price breakout from $0.45 monthly resistance indicates a prolonged recovery for coin holders.
- The XRP price breakout from the falling wedge pattern releases the trapped bullish momentum
- The intraday trading volume in the XRP is $3.1 Billion, indicating a 175% gain.
Source- Tradingview
Neglecting the market sentiment for over two months, the XRP price witnessed a steady downfall from $0.43 to $0.35 mark. Moreover, this downtrend resonated strictly within two downsloping trend lines which revealed the formation of a falling wedge pattern.
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In theory, this pattern completion is a sign of the continuation of a prevailing bullish trend, offering a long entry opportunity to traders. However, today, the XRP price witnessed a sudden buying pressure and breached the pattern’s resistance trendline and the four months high resistance of $0.43 in one go.
Also Read: XRP Ledger Growth Rampant Amid Ripple’s US Regulatory Concerns
This breakout backed by increasing volume indicates a genuine breakout and the possibility of a prolonged uptrend. Thus, if today’s candle closes above the $0.43 mark the buyers will get strong flipped support to sustain a high level.
Thus, interested traders can look for an entry opportunity once the price revisits the $0.43 support. The potential price really may drive the XRP price to possible targets of $0.47, $.51, or $0.55.
Technical Indicator
RSI: The daily RSI slope moving high in bullish territory indicates a positive outlook from traders to an extended bullish rally.
EMAs: the rising price reclaimed by the daily EMAs(20, 50, 100, and 200) offers an additional edge on long position traders.
XRP Intraday Price Levels
- Spot price: $0.45
- Trend: Bullish
- Volatility: High
- Resistance level- $0.47 and $0.51
- Support level- $0.43 and $0.4
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/xrp-price-prediction-xrp-coin-shows-a-26-intraday-jump-is-this-rally-sustainable/
