XRP Price Analysis: This Chart Pattern could Restart Bullish Recovery in XRP Price; Back to $0.55

XRP Price Analysis: Over the past five weeks, the XRP coin price has witnessed a steep correction in which the price tumbled from a high of $0.585 to the current price of $0.45 recording a 20% loss. However, it seems the retracement phase is precisely resonating between two downsloping trendlines projecting the formation of a flag pattern. This famous chart pattern is often spotted between established uptrends offering an excellent long-entry opportunity to interested traders.

Key Points:

1. The decreasing volume activity indicates the ongoing correction is temporary
2. A breakout above the overhead resistance trendline will signal the end of this retracement phase
3. The intraday trading volume in the XRP is $393.5 Million, indicating a 43% loss.

Source- Tradingview

Amid the ongoing uncertainty in the crypto market, the falling XRP price took a temporary sideways turn and resonated between the $0.486 and $0.43 horizontal levels. The cluster of daily candles in a short space reflects the indecisiveness among market participants. 

If the coin price continues to move sideways it would hit the pattern’s resistance trendline which may recuperate the selling momentum. Until the overhead trendline is intact, the XRP price will prolong the correction phase to lower levels.

Also Read: Low Cap Crypto Gems Gunning To Explode In 2023

However, under the influence of the flag pattern, the XRP price is more likely to breach the resistance trendline and flip it into potential support. This breakout will offer an entry opportunity to new buyers and may drive the prices up 20% to rechallenge the $0.55 barrier.

Technical Indicator

Fibonacci Retracement Indicator: The XRP price correction still hovering above the 50% Fibonacci retracement level indicates the overall market trend remains bullish

Moving Average Convergence/Divergence: the MACD(blue) and signal(orange) line moving sideways hints weakening of bearish momentum.

XRP Intraday Price Levels

• Spot price: $0.45
• Trend: Sideways
• Volatility: High
• Resistance level- $0.485 and $0.56
• Support level- $0.44 and $0.4

The post XRP Price Analysis: This Chart Pattern could Restart Bullish Recovery in XRP Price; Back to $0.55 appeared first on CoinGape.