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XRP Price Analysis: Over the past two weeks, the XRP price has remained in a correction phase trying to recuperate the exhausted bullish momentum. From the $0.938 high, the coin price plunged 285 to find a suitable support of $0.668. This aligned with the 38.2% Fibonacci retracement level creating a high area of interest for market participants. Can this support assist XRP Price to reclaim the $1 mark?
Also Read: XRP Investment Funds See AUM Surge; Will XRP Climb To $1?
XRP Price Daily Chart:
- The $0.67 and $0.56 are crucial levels to watch Amid the current correction phase
- A positive crossover between the weekly EMAs of 50 and 100 could accelerate the buying pressure in the market.
- The intraday trading volume in the XRP is $1.297 Billion, indicating a 27.12% loss.
Source: Tradingview
In the weekly time frame chart, the XRP price shows the formation of the cup and handle pattern. In response to this bullish reversal pattern, the altcoin formed to market at a bottom level at $0.298, spending over a year of accumulation phase before making a significant leap.
The July 10th rally reached the pattern’s neckline resistance and reverted immediately to shape the handle structure. As per the Fibonacci retracement level, the coin price trading at the 0.715 mark hovers at about the 38.2% FIB level at $0.68. This aforementioned support and $0.56 near 61.8% FIB are the two crucial levels that can assist buyers to replenish the bullish momentum.
If the coin price manages to hold its footing, the buyers could rechallenge the $0.92 neckline with breakout intention.
Will the Next Bull Run Hit $1.5 Mark?
The cup and handle patterns are often spotted at the market bottom offering traders an early sign of trend reversal. If a potential reversal from $0.715 breaks the $0.93 neckline, interested traders can look for a long-term buying opportunity. In theory, this chart pattern holds predetermined targets, which are of the same distance as the length of the bottom to neckline shot from the breakout point. Thus, under ideal conditions, the XRP price rally should chase the $1.56 mark
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.
