Will XRP Price Continue Its Bullish Rally In February 2023?

The XRP price witnessed a significant rally during the second and third weeks of 2023. From the January 6th low of $0.33, the Bull run accounted for a 30% rise, which reached the $0.433 top. This bullish rally also pierced the $0.4 neckline resistance of the double-bottom pattern. This is one of the commonly observed bullish reversal patterns, which could recuperate the bullish momentum. However, with another interest hike announcement from the US Fed coming Wednesday, the crypto market has experienced difficulty in continuing the recovery rally. Here are the levels XRP holders should watch.

Key Points:

The XRP price sustainability above $0.4 could resume the prevailing recovery.
If the daily candle closes below the $0.385 mark, the selling pressure will accelerate and may weaken the bullish thesis.
The intraday trading volume in the XRP is $1.4 Billion, indicating a 39% gain.

Source- Tradingview

Since last week, the XRP price has been wobbling between the $0.43 and $0.398 mark. During this consolidation phase, the daily chart showed several lower price rejection candles at the $0.4 mark, indicating the buyers are actively accumulating at this support. At press time, the XRP price showed a 3.3% intraday loss and plunged to the current price of $0.399.

However, the daily volume dropped gradually, indicating the consolidation phase is temporary. If the price continues to sustain above the $0.4 mark, the buyers will eventually resume the price rally and more likely surpass the $0.43 mark.

In favorable bullish conditions, this pattern should lead to a sustained rally of 27% higher to reach the $0.51 mark.

Technical Indicator

EMAs: the flattish crucial are (20, 50, and 100) accumulated near the $0.4 mark increase the support power of this level.

Relative Strength Index: if the falling RSI Slope plunge below the midline, the coin holders will get an extra confirmation for a bearish pullback.