Published 10 seconds ago
XRP Price Prediction: For nearly two months, XRP price witnessed a steady downtrend under the influence of a falling channel pattern. Using the pattern’s resistance trendline the traders were aggressively selling on the bullish bounce and extended the correction phase to lower chart levels. However, with today’s 2.1% price jump, the bulls break this bear’s weapon and reflect an entry sign for trend reversal.
XRP Price Daily Chart
- A breakout from the upper trendline of the channel pattern signals the end of the ongoing correction in XRP
- The downsloping ADX reflects the buyer’s lack of strength and thus a candle closing is crucial for buyers
- The intraday trading volume in the XRP is $513.4 Million, indicating a 15% loss.
Source- Tradingview
With a strong bullish candle in the daily time frame chart, the XRP price shows a breakout attempt from the resistance trendline of the channel pattern. This breakout projects an opportunity to long this altcoin but would need a candle closing and sufficient confirmation from trading volume.
If the buyers sustain above the flipped trendline, the XRP price may witness a quick 5% jump to hit the $0.5 mark. However, in theory, each swing high in the channel pattern formation acts as a significant target.
Therefore, if the bullish momentum persists, the XPR price could retest the $0.547 ceiling, followed by $0.58.
The bullish thesis will get invalidated if the coin price plunge below the trendline by the day’s end.
Will XRP Price Reclaim $0.5?
A successful breakout from the channel pattern trendline will boast the underlying bullish momentum in the XRP price. The pierced trendline will act as a springboard for buyers and challenge the $0.5 psychological resistance.
- Pivot Chart: The traditional pivot levels indicate the XRP price may experience overhead supply at $0.48 and $0.54. Meanwhile, the demand pressure is marked at $0.41 and $0.37.
- DMI: A bullish crossover between the DI+(blue) and DI-(orange) slope gives an additional confirmation for rising bullish momentum.
Meanwhile, Ripple CEO Brad Garlinghouse recent prediction on timeline for Ripple Lawsuit judgement has taken crypto industry by storm. As reported by CoinGape recently, Brad said that he is expecting a verdict very soon. His basis for this prediction is upcoming court ruling on Hinman Docs which he thinks will be a big win for Ripple.
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.
