Published 31 mins ago
In the past 2 months, the XRP coin price has rebounded twice from the 0.3 support zone, indicating that buyers continue to accumulate at this level. Moreover, using this level as a base support, the daily time frame chart shows the formation of a double bottom pattern. This bullish pattern signals the replenished buying pressure and provides an entry opportunity for interested traders.
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Key points:
- The XRP price will remain in a sideways trend until the buyers don’t breach the $0.55 resistance
- The bullish crossover between the 20-and-100-day EMA encourages buyers for a $0.42 breakout
- The intraday trading volume in the XRP is $1.8 Billion, indicating a 155% gain.
Source- Tradingview.
Under the influence of this pattern, the XRP price has surged 35% from the $0.31 support and currently trades at the $0.42 mark. Moreover, the coin price is 5% up today and trying to breach the $0.43 neckline resistance of this mentioned pattern. A significant boost in volume indicates a higher possibility of $0.43.
Thus, a daily candle closing above the mentioned resistance will intensify the bullish momentum for further rally. The post-breakout rally will drive the XRP price 30% higher to hit the next crucial resistance of 0.55.
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However, it seems the XRP price has been in a sideways market for the last eight months. This range movement is spread from $0.55 resistance to 0.312 support, and for the coin price to maintain sustained recovery, the buyers need to surpass the $0.5 barrier.
Technical Indicator
MACD: The MACD and signal line rising gradually higher into the bullish territory indicate sustained buying in the market.
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EMAs: the fallfish EMAs(20, 50, 100, and 200) accentuate an overall sideways trend in the XRP price. Moreover, the 200-day EMA wavering near the $0.42 mark increases the resistance power of this level.
XRP intraday price levels
- Spot price: $0.422
- Trend: Bullish
- Volatility: High
- Resistance level- $0.42 and $0.55
- Support level- $0.313 and 0.226
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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.
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- Source: https://coingape.com/markets/local-resistance-breakout-set-xrp-price-on-30-upswing-but-theres-catch/
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