Will The Intense Supply At $0.62 Drop The XRP Price To $0.53?
The post Will The Intense Supply At $0.62 Drop The XRP Price To $0.53? appeared first on Coinpedia Fintech News
In the crypto market crash, the top altcoins register a massive intraday drop, signaling a FUD run. However, the XRP price shows a significantly lesser drop and a lower price rejection, hinting the altcoin is ready for a bounceback.
Will the XRP price remain unaffected by the broader market sellout and heat to the $1 psychological mark? So, let’s take a closer look at the technical chart and figure out the XRP price prediction chances of hitting $1.
Wedge Breakout Run For XRP Continues To Struggle
The XRP price chart shows a bullish trend in the daily chart clearing multiple bullish milestones. With a wedge breakout, surpassing the 50D EMA and the 50% Fibonacci level, the altcoin registers a 45% surge within three weeks.
Bouncing back with a quick post-retest reversal from the 50% Fibonacci level at $0.57, the XRP price has increased by 7% in six days. With the morning star kickstarting a new rally, the uptrend faces opposition from the previous swing high at $0.62.
With a market cap of $34.14, the XRP price trades at $0.60294 and an intraday fall of 1.48%. Further, the long-tail formation in the intraday candle reveals a strong underlying demand at lower levels.
In the 4H chart, the recovery rally forms a rising wedge pattern with multiple lower-price rejection candles near the support trendline. Further, the 50 EMA cements the support trendline, increasing the chances of an uptrend.
Technical Indicator:
RSI: The daily RSI line shows a sideways trend near the overbought boundary.
EMA: The uptick in the 50D EMA teases a potential golden crossover with the 200D EMA.
Will XRP Price Sustain The Uptrend?
The XRP price is likely to continue upwards, maintaining above the 50% Fibonacci level. However, as a rising wedge generally warns of a bearish outcome, the lower price rejections are crucial at the 50 EMA in the 4H chart.
A bullish breakout of the previous swing high at $0.62 will determine the uptrend in XRP price. Further, the next targets are $0.65 and $0.72. On the downside, the support levels are at $0.57 and $0.53.
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