XRP Price Prediction: XRP Price Aims $1 As It Sails Higher Within A Rising Wedge – CoinGape

The slow and steady recovery in Ripple(XRP) price approaches the $0.8-$0.9 resistance zone. The lack of strong bullish momentum and decreasing volume activity may tease a bearish reversal, but, in that case, the support trendline breakdown stands as a key confirmation for short-sellers.

Key points: 

• The XRP price action narrowing within the wedge pattern
• The daily-RSI slope rising with no signs of weakness
• The intraday trading volume in the XRP is $2.07 Billion, indicating a 57.6% loss.

Source-Tradingview

On March 7th, the XRP/USDT pair rebounded from the $0.7 local support. However, the new recovery sets a low pace as it is confined within a rising wedge pattern. The coin is currently trading at the $0.84 mark, indicating an 18.58% gain from the bottom support.

The price action is gradually narrowing inside the two converging trendlines, suggesting a breakout is on its way. In addition, a rising wedge pattern usually boosts intense selling pressure when the price breaches the support trendline. 

Thus, if the XRP price gives a daily-candle closing below the dynamic support, the traders can expect a 16% fall to the $0.7 mark.

However, until the pattern is intact, the short-term trend remains bullish. A significant buying momentum and trading volume pump could pierce through $0.9 resistance, opening the path to $1.

Technical Indicator

The 50-and-100-day SMA has recently given a bullish crossover that could attract more buyers. Moreover, the 200-day SMA situated near the $0.9 mark strengthens the defense line for sellers. 

The gradual rise of the daily-RSI slope shows that buyers are wresting control from sellers. The sustained bullish momentum would lead the RSI slope to the overbought region.

• Resistance level: $0.88-$0.90 and $1
• Support levels: $0.78 and $0.7

About Author

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com