The XRP price trapped in a sideways trend needs a $0.55 resistance breakout to trigger a new recovery rally.
Published 11 seconds ago
Amidst the crypto market’s recent bullish climate, the XRP price has experienced a notable bounce from its $0.477 support level. On the four-hour chart, this upswing appears to have culminated in the formation of a Double Bottom pattern, with the price breaking above the neckline resistance at $0.51. While this is a bullish reversal signal that could instigate a short-term rally, the question remains: is it sufficient for a sustainable recovery?
Can Buyers Break Past $0.55 Barrier?
- The XRP price witnessed supply pressure at the $0.55 mark
- A long-coming support trendline acts as a safety net for coin holders.
- The intraday trading volume in the XRP is $773 Million, indicating a 58% gain
With a persistent supply pressure at the $0.55 mark, the XRP coin price has been trading sideways over the past two months. Despite some substantial price swings within this period, the lack of a definitive directional move suggests a climate of uncertainty among traders.
However, buoyed by the current market optimism, the coin has rebounded from $0.47 support to the current trading price of $0.52, registering a 10% gain. The price has also completed the formation of a well-known bullish reversal pattern Double Bottom.
Under the influence of this setup, the coin price suggests a potential 4.8% rise to retest the $0.55 resistance level. For traders eyeing bullish opportunities in XRP coin, a breakout above this resistance would be a key indicator.
In an ideal bullish scenario, overcoming the $0.55 barrier could accelerate buying pressure, driving the price toward $0.6 followed by the $0.66 level.
Here’s Why the XRP Price Bullish Trend is Intact
While the near-term outlook for the XRP price might seem somewhat sideways, it’s important to note that the medium-term trend is bullish, guided by an ascending support trendline that has been in play for 10 months. This trendline serves as a protective barrier for buyers, shielding them from major corrections and providing a foundation for the coin’s ongoing recovery.
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.