Published 9 hours ago
The recent bullish reversal from the $0.33 support revealed the formation of a double bottom pattern in the daily time frame chart. Over the past six days, the XRP price has soared 10.1% and is currently trading at the $0.365 mark. Under the influence of this bullish pattern, the coin price is likely to break the $0.374 resistance, bolstering further growth potential for XRP.
- The XRP price potential breakout from $0.374 will prolong the recovery rally to $0.42
- The recent price jump reclaimed the 20-day EMA, providing the coin holders additional support.
- The intraday trading volume in the XRP is $1.16 Billion, indicating a 14.2% gain.
While a majority of major altcoins were rising higher with the new year recovery in the crypto market, the XRP price was struggling to break the local resistance of $0.356. Over the past ten days, this altcoin was wobbling between $0.356 and $0.35, creating a narrow range.
Moreover, the daily candles resonating between the aforementioned range showed several long-wick rejections on either side, accentuating the ongoing uncertainty in the crypto market. However, today, the XRP coin witnessed a significant inflow and rose 4% on the intraday level.
The long bullish candle with sufficient volume breaks the $0.359 resistance, releasing this altcoin from stagnant market sentiment. If the daily candle closes above the breached resistance, the buyers get a higher footing to continue to rally in the price chart.
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Thus, with sustained buying, the XRP price may break the $0.374 neckline resistance of the double bottom pattern. In theory, this pattern in this technical setup is one of the most frequently observed patterns which encourages directional bull run.
Thus, a bullish breakout from $ 0.374 will intensify the buying pressure in the market and prolong the bullish growth to $0.396 or $0.42, registering a 10-15% hike.
Alternatively, a less likely yet possible reversal from the $0.374 barrier will undermine the bullish thesis.
EMAs: the downsloping 50-day EMA is currently working in the seller’s favor trying to stall rising prices.
Relative Strength Index: conversely to the sideways XRP price, the daily RSI slope is sharply rising, reflecting the growth in bullish momentum. Thus, this bullish divergence increases the possibility of a $0.374 breakout.
XRP intraday price levels
- Spot price: $0.39
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.374 and $0.396
- Support level- $0.355 and 0.
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.