Published 2 hours ago
XRP Price Prediction: Defying the widespread uncertainty in the crypto market, the XRP price showed an explosive rally in the latter half of March. During this period, the altcoin registered 57% growth as the prices rallied from the $0.357 low to a monthly resistance of $0.56. Moreover, in the weekly time frame chart, this bull rally assisted in the formation of a double bottom pattern. This famous bullish reversal pattern hints at strong accumulation from buyers at lower levels which most likely trigger a massive upswing.
Key Points:
- XRP price’s recent pullback will bolster buyers to recuperate exhausted bullish momentum
- A potential breakout from the $0.55 resistance will complete the long-coming double-bottom pattern
- The intraday trading volume in the XRP is $1.47 Billion, indicating a 27% gain.
Source- Tradingview
Amid the increasing FUD in the crypto market, the rising XRP price turned down from the $0.56 neckline resistance of the double bottom pattern. However, after the short correction tumbled the coin’s market value by 9%, the prices found immediate support at the $0.508 mark.
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Anyhow this minor pullback must have only benefited the XRP price to replenish the exhausted bullish momentum. Today, the XRP price jumps 2.75% from the aforementioned support and currently trades at the $0.52 mark.
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With sustained buying, the buyers may breach the $0.56 resistance which will trigger the double bottom pattern. In ideal bullish conditions, the post-breakout rally may drive the XRP price 45% higher to reach the $0.8 psychological resistance by the month’s end.
In case, the XRP price reverts from $0.56 again, the coin holders may witness a prolonged consolidation phase.
Technical Indicator
Average Directional Moving Index: the ADX slope standing upright indicates the overall bullish momentum remains strong
EMAs: A golden crossover between the 50-and-200-day EMAs will encourage XRP price for uptrend continuation.
XRP Intraday Price Levels
- Spot price: $0.525
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.56 and $0.0.65
- Support level- $0.50 and $0.43
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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/xrp-price-prediction-will-xrp-price-hit-1-april-2023/
