Published 2 hours ago
XRP Price Prediction: Decoupling from the broader market sentiment of uncertainty, the XRP price has shown sustained recovery for nearly a month. From the last swing low of $0.415, the coin price surged nearly 30% to reach the current price of $0.53. If the bullish momentum persists the buyers will challenge the multi-month resistance of $0.55, will they break it this time?
XRP Price Daily Chart
- The rising XRP price could face intense supply pressure at the $0.55 mark.
- The reclaimed daily EMAs(20, 50, 100, and 200) reflect a bullish trend
- The intraday trading volume in the XRP is $726.5 Million, indicating a 10.5% loss.
Amid the recent recovery, the XRP price completed a falling wedge pattern which carried the last two-month correction phase in this coin. This bullish setup accelerates the underlying buying momentum in an asset and assists buyers to carry a steady rally.
Under the influence of this pattern, the XRP price which is currently trading at $0.535, is likely to challenge the multiple months’ resistance. Despite several attempts since last year, the buyers have so far failed to sustain above this level with a daily candle closing.
Thus, the $0.55 level stands as a crucial supply zone that could invalidate the buyers’ recovery attempt or pave the way for a massive rally if breached. A daily closing above $0.55 will signal an early sign of trend reversal and could surge the coin price nearly 46% higher to hit $0.8.
Will XRP Price Hit $0.6?
The $0.55 level has remained a forbidden supply zone for XRP holders as the price faced multiple reversals from this resistance for over a year. Therefore, to even consider a sustained rally in XRP price, the buyers need to pierce the $0.55 barrier. This breakout will intensify the buying pressure in the market and push the price to a potential target of $0.6, followed by $0.7 and $0.8
- Super trend: The indicator’s film started projecting a green color indicating a positive change in the daily trend.
- Vortex indicator: A massive gap between the VI+(blue) and VI-(orange) slope reflects the aggressive buying sentiment among traders.
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.