The XRP price has remained in a correction phase for over a month now and has recorded a 25% loss from the peak of $0.585 to $0.433 recent low. However, the bearish pullback halts above the 50% Fibonacci retracement level indicating the overall market sentiment remains bullish. Here’s how this level may further influence the XRP price to replenish bullish momentum
- The XRP price falling for four consecutive days with low volume reflects a potential downfall to $0.433 at 0.5 FIB level
- A correction phase to 0.5 FIB is considered healthy and encourages the resumption of a bullish trend
- The intraday trading volume in the XRP is $940.5 Million, indicating a 13.6% gain.
On April 29th, the XRP price turned down from the $0.48 resistance and tumbled the coin price 5.34% to reach the current price of $0.46. This reversal formed a new lower high at the aforementioned resistance indicating a high possibility of downtrend resumption.
With sustained selling, the XRP price is likely to tumble another 6-7% and retest the 50% FIB level at $0.44. During the April fourth week, the daily candle showed multiple lower price rejection candles at this support, validating it as a high accumulation zone.
Thus, the altcoin is more likely to revert from this support and kickstart a fresh recovery rally. Furthermore, the daily chart shows a new resistance trendline currently carrying the ongoing correction.
A potential breakout from this trendline will be a key signal for the end of the retracement phase and bullish recovery which may bring the coin back to $0.55 higher.
Bollinger Band: The lower band of the Bollinger band indicator situated near the $0.44 support increases the support strength of this level.
Exponential Moving Average: The 20-day EMA slope flipped into a significant resistance that could assist sellers to undermine a bullish rally.
XRP Intraday Price Levels
- Spot price: $0.4614
- Trend: Bearish
- Volatility: Low
- Resistance level- $0.487 and $0.55
- Support level- $0.44 and $0.356
The post XRP Price Analysis Hints 7% Drop Before Buyers Reboot Bullish Recovery; Buy This Dip? appeared first on CoinGape.
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks