By Sohrab Khawas 25 July 2024 | 2:50 pm

Will The Intense Supply At $0.62 Drop The XRP Price To $0.53?

XRP Price

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. 

Tradingview

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. 

Tradingview

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.