Published 5 hours ago
XRP Price Prediction: the XRP price continues to resonate between the two downsloping trendlines of a falling wedge pattern as the crypto market suffers in FUD. The ongoing correction has plunged the coin price back to support the trendline, preparing its next bull cycle within this pattern. Here’s how interested traders may find long entry opportunities at this coin.
Key Points:
- Lower price rejection at the wedge pattern’s support trendline indicates the buyers are accumulating at this level
- A bullish breakout from the overhead trendline will signal an early sign of trend reversal
- The intraday trading volume in the XRP is $9.9 Billion, indicating a 32.5% loss.
Source- Tradingview
A falling wedge pattern has given a specific direction to the ongoing correction in the XRP price. From the peak of $0.433, the coin price has tumbled 16% to reach the $0.36 mark in the past six weeks.
While the market sentiment remains negative, the XRP price revisited the lower support trendline of this pattern. However, the daily chart shows the price has rebounded from the lower trendline and shows a long-tail rejection attached to it. This rejection candle indicates the coin price is likely to trigger a new bull cycle within this pattern.
Currently, the altcoin trade at the $0.358 mark, with an intraday loss of 1.43%. If the buying pressure persists, the XRP price may surge back to the overhead trendline to replenish the bearish momentum.
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Thus, until this pattern is intact the ongoing correction will prolong for a few more sessions.
On a contrary note, the coin holders looking for long entry opportunities should wait for a breakout from the overhead trendline.
Technical Indicator
MACD: the multiple crossovers between the MACD(Blue) and signal(orange) slope indicate uncertainty amount in market sentiment,
Bollinger band: the upper and lower band of the Bollinger band indicator aligned with the downsloping trendlines give an additional weightage to the pattern.
XRP intraday price levels
- Spot price: $0.356
- Trend: Bullish
- Volatility: Medium
- Resistance level- $0.373 and $0.361
- Support level- $0.32 and $0.3
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.
