XRP Price Analysis: XRP Price at Crucial Support Plots a Quick 10% Rally; Buy Now?

XRP Price Analysis: Amid the increasing selling pressure in the crypto market the XRP price has plunged to the support trendline of a bullish continuation pattern called ‘Flag’. On April 8th, the daily chart showed a long-tail rejection called at a lower support trendline indicating the buyers are actively accumulating at this support which may lead to a potential reversal. Here’s how this pattern may further influence the XRP’s coin future trend.

Key Points:

1. The XRP price is falling for four consecutive days reflecting aggressive selling pressure in the market.
2. A bearish crossover between the 20-and-50-day EMAs may accelerate selling pressure in the market.
3. The intraday trading volume in the XRP is $1.1 Billion, indicating a 16% gain.

Source- Tradingview

The ongoing correction in the XRP coin price is currently following a bullish flag pattern, under the influence of this pattern, the coin price witnessed a temporary pullback which continues to resonate within two converging trendlines.

By the press time, the XRP price trades at $0.429 and hovers above the support trendline of this pattern. Moreover, the aforementioned trendline is currently aligned with an important monthly support of $0.43-$0.42, creating a strong accumulation zone for traders.

Also read: Top 10 Ways To Earn Passive Income From Crypto In 2023

Thus, the signs of bullish reversal from this level will more likely surge the XRP price back to overhead resistance, recording a 10% potential growth. 

Anyhow, the coin holders will get a better confirmation for a price recovery once the price breaches the overhead trendline.

Technical Indicator

Relative Strength Index: The RSI slope near the oversold region indicates that investors may want to accumulate XRP at a cheaper price.

Exponential Moving Average: with the recent downfall, the coin buyers lose the 200-day EMA support. If the coin price couldn’t reclaim this EMA in the coming days, the XRP may witness strong selling pressure.

XRP Intraday Price Levels

• Spot price: $0.424
• Trend: down
• Volatility: Low
• Resistance level- $0.48 and $0.547
• Support level- $0.42 and $0.38

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