XRP Price Analysis: XRP Price May Rise 8% this Week if These Conditions are Met

XRP Price Analysis: Amid the ongoing correction in the crypto market, the falling XRP price found support at the $0.42 level. This support level aligned with other technical levels such as the support trendline of a falling channel pattern and 61.8% Fibonacci retracement level creates a strong accumulation zone. Moreover, the daily chart shows long tail rejection candles at this support indicating a higher possibility of a price rally. Should you enter now?

Key Points:

1. A bullish reversal from the channel pattern’s support trendline may trigger a temporary rally of 8%
2. A breakout above the overhead resistance trendline of the pattern will signal an upcoming recovery.
3. The intraday trading volume in the XRP is $730.5 Million, indicating a 2.22% loss.

Source- Tradingview

The ongoing correction phase in the XRP price is governed by a falling channel pattern. As mentioned above the prices are plunged to the bottom trendline of this pattern trying to obtain suitable support.

The lower price rejection near the support trendline reflects the traders are accumulating at this level which increases the possibility of a bullish reversal. Moreover, a retest to the support trendline usually encourages a recovery back to the overhead trendline.

Thus, the XRP price is likely to rise 8% and hit the above trendline.

Also Read: Best Cryptos Private Sale For 2023

However, by press time, the coin price trades at $0.42 and witnesses an immediate resistance at $0.43 and 200-day EMA. A potential breakout from this resistance with a daily candle closing above will offer buyers a significant launchpad to reach the aforementioned target.

Technical Indicator

Exponential Moving Average: The 20-day EMA slope acts as a dynamic resistance trying to undermine buyers’ attempt to rise higher.

Relative Strength Index: The daily RSI slope near the oversold region indicates the XRP price is at a discounted value for accumulation.

XRP Coin Intraday Price Levels

• Spot price: $0.42
• Trend: Down
• Volatility: High
• Resistance level- $0.43 and $0.485
• Support level- $0.42 and $0.38

Source