XRP Price Prediction: The XRP price has been in a correction phase for the past three weeks. From the last swing high of $0.586, the prices have tumbled around 20% which pulled it to the 50% Fibonacci retracement level at $0.47. This support level accompanied by other technical levels could bolster coin buyers to resume a bullish rally. Should you grab this pullback opportunity now?
Key Points:
- Multiple supports aligned at $0.47 could bolster buyers for a minor upswing of 5%
- The XRP price may maintain its overall bullish outlook until the 0.618 FIB level at $0.43 is intact.
- The intraday trading volume in the XRP is $1.52 Billion, indicating a 5.59% gain.
Source- Tradingview
With the Bitcoin price failing to sustain above the $30000 psychological support, the crypto market faced additional selling pressure this week. As a result, the XRP price has been falling for three consecutive days and plunged to its current price of $0.4709.
However, the coin price is currently hovering above a concentrated support zone protected by $0.47 horizontal, 0.5 FIB, and 50-day EMA slope. This combined support could offer a significant footing for buyers to push the coin’s market value higher.
Also Read: 15 New Cryptocurrencies To Buy In 2023
Moreover, the decreasing volume and increasing lower price rejection candles increase the possibility of price reversal. Thus, the altcoin price will likely rise 5% and hit the $0.496 flipped resistance.
The battle between buyers and bears at this aforementioned level will significantly influence XRP’s future price as a breakout above it will signal an uptrend continuation but a possible reversal may form a new lower high and encourage further correction.
Thus, the coin holders should be watchful at the $0.496 barrier.
On a contrary note, a daily candle closing below the $0.47 level will tumble the coin price 7.5% down to reach $0.43 support.
Technical Indicator
RSI: The daily RSI slope plunged below the midline indicating a negative sentiment is rising among market participants.
EMAs: the 100-and-200-day EMAs wavering near the $0.43 level created a crucial support zone to maintain an overall bullish trend in XRP price.
XRP Intraday Price Levels
- Spot price: $0.47
- Trend: Bearish
- Volatility: Low
- Resistance level- $0.496-$0.5 and $0.54
- Support level- $0.47 and $0.432
The post XRP Price Prediction: XRP Price Stands at Crucial Fibonacci Support; Will Bullish Recovery Continue? appeared first on CoinGape.
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