Published 1 hour ago
XRP Price Prediction: Despite multiple events in the past two months, which caused massive price swings in the majority of major cryptocurrencies, the XRP shows a restricted movement within two downsloping trendlines. Though these falling trendlines reveal the formation of a falling wedge pattern, the XRP price wavering with short-body or long-wick rejection candles indicates the market participants are struggling with uncertainty and indecisiveness.
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Key points:
The ongoing correction phase has plunged the XRP price to 0.618 Fibonacci retracement level
The XRP price downfall will continue until the wedge pattern is intact
The intraday trading volume in the XRP is $1.04 Billion, indicating a 34% loss.
Source- Tradingview
While the XRP price defies market sentiment on massive price swings, it has strictly followed two downsloping trendlines of a falling wedge pattern. The coin price bounced off the pattern’s converging trendline multiple times indicating the traders’ response to this pattern and should do the same for its potential target.
As of now, the XRP price trades at the $0.3 mark and is 16% down from the last swing high of $0.431. Furthermore, the space between the two trendlines is now narrowed enough to be considered a no-trading zone.
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Therefore, the traders waiting for a long-entry opportunity should wait for a decisive breakout from the overhead trendline. This breakdown will release the trapped bullish momentum and offer buyers a significant footing to resume the prior recovery rally.
The post-breakout rally may drive the prices to the following targets $0.43, $0.476, and $0.51
Technical Indicator
MACD: the multiple crossovers between the MACD(blue) and signal(orange) lines accentuate the uncertain market sentiment among traders.
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EMAs: The flattish EMAs(20, 50, 100, and 200) actuated a sideways trend in XRP. The coin price moving below these daily EMAs indicates the sellers possess trend control.
‘XRP intraday price levels
Spot price: $0.36
Trend: Bullish
Volatility: High
Resistance level- $0.4 and $0.43
Support level- $0.356 and $0.33
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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
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.
This article has been originally published at: https://coingape.com/markets/xrp-price-prediction-heres-when-xrp-may-trigger-sustained-recovery/
