XRP Price Prediction: under the influence of a cup and handle pattern, the XRP price continues its bullish trajectory after a minor pullback
Published 10 mins ago
XRP Price Prediction: Amid the Bitcoin price retracement towards the $36,000 level, the XRP price has dipped to re-examine the $0.64 zone, which is deemed a key demand area. The digital currency presently hovers within a certain supply threshold, yet there’s an anticipation of an upward trajectory post the SEC litigation’s final decision.
Should you Enter at $0.65 Dip?
- A minor pullback to $0.65 could recuperate the exhausted bullish momentum.
- Under the influence of the cup and handle pattern bullish recovery pattern, the coin price should rise to $0.93 resistance for a bullish breakout.
- The intraday trading volume in the XRP is $3.5 Billion, indicating a 242% gain.
Following a bullish reversal from the $0.46 level, the XRP price witnessed a recovery rally to $0.75, fueled by swift progress in the SEC lawsuit and a broader market resurgence.
The price reclaiming the $0.65 level has prompted a re-evaluation phase, characterized by several Doji candles in the previous week. However, buyers are retaining control of the trend, hinting at a cup and handle pattern on the daily chart. This bullish reversal pattern gives a clear transition from downtrend to uptrend as an asset witnesses bottom accumulation.
The XRP is currently priced at $0.66, drawing support from the $0.65 zone, though it has seen a minor daily decrease of 0.96%. The pullback diminishing trajectory suggests a dampening of selling pressure and hints at a potential bullish reversal.
Potential to Hit $1?
As the market’s rebound takes a brief pause, the XRP price exhibits signs of optimism, notably through the ‘cup and handle’ pattern. The presence of Doji candles at the $0.65 benchmark suggests a forthcoming bullish pivot for this altcoin price.
Should the recovery rally surpass the $0.75 threshold and maintain the bullish pattern, the surge could extend to the $1 mark.
Conversely, a fall below $0.65 may precipitate a decline to the $0.52 level.
- Bollinger band: An upswing in the upper boundary of the Bollinger band reflects the bullish momentum is still active.
- Relative Strength Index: The RSI slope has momentarily dipped below the overbought territory, aligning with a lateral movement trend. Nonetheless, at 66%, this indicator still projects a strong bullish bias.
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.