XRP Price Prediction: A bullish breakout from $0.55 resistance would bolster XRP price to escape the consolidation trap
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XRP Price Prediction: Amid the broader market recovery, the XRP price continues its upward trajectory and has reached the current trading price of $0.53. Over the last four days, the coin has climbed from a low of $0.477, marking an 11% surge. However, the key resistance level at $0.55 looms ahead—a barrier that has stifled buyers’ attempts at a more significant recovery over the past couple of months. So, will this attempt to breach the $0.55 level be successful?
Will XRP Face Another Correction?
- The $0.55 resistance breakout will set the coin price for a 16% jump
- A potential golden crossover between the 50-and-200-day EMA slope would increase buying pressure in the market.
- The intraday trading volume in the XRP is $1.2 Billion, indicating a 108% gain.
The short-term trend in the XRP coin price is sideways as the coin price has traded majorly between the $0.55 and $0.458 horizontal levels in the last two months. Despite showing significant price swings in the daily chart, the traders make no progress in either direction, indicating indecisive market sentiment.
Amid this sideways movement, XRP price has been grappling with two significant chart levels: the aforementioned $0.55 resistance and a longstanding support trendline. With today’s intraday gain of 1.845%, the coin price is inching closer to another test of the $0.55 barrier.
A successful breach here would provide a strong foundation for extending the current rally. However, traders should look for a daily candle close above this level before committing funds. Following a successful breakout, this altcoin could target the $0.60 level, accounting for a potential 16% gain.
Anyhow, on the downside, an ascending trendline is offering buyers strong support to accumulate in market dips and a safety net from a major downfall.
XRP vs BTC Performance
Source: Coingape| XRP Vs Bitcoin Price
The long-term outlook for both XRP and Bitcoin remains bullish. While the Bitcoin price is making notable progress in October, the XRP is currently facing a scarcity of buying pressure, struggling to eclipse its recent swing high of $0.55. Therefore, a breakout above this resistance will be a better signal to initiate a sustainable recovery.
- Directional moving index: A bullish crossover state between the DI+(blue) and DI-(orange) slope reflects the ongoing recovery trend is intact.
- Exponential moving average: the price jump above the daily EMAs(50 and 200) indicates the buyers have an upper hand amid the current consolidation.
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.