Published 17 hours ago
The fast-recovering XRP price is close to a bullish breakout from the $0.4 resistance under the influence of the double-bottom pattern. This potential breakout may encourage buyers to lead a significant recovery. But will they break the formidable resistance of $0.466?
Key points:
- The $0.4 breakout should open a 13.5% growth opportunity for XRP holders
- The 50-and-100-day EMAs are on the verge of a bearish crossover
- The intraday trading volume in the XRP is $2.3 Billion, indicating a 16% gain.
Source- Tradingview
The ripple coin price went sideways after the recent sell-off in the crypto market plunged it to $0.32 support. However, amid this later walk, the altcoin rebounded from the mentioned support twice, indicating the buyers are actively defending this level.
So far, the bullish reversal from $0.32 support has driven the XRP price 22.57% higher to hit the local resistance of $0.4-0.39. Furthermore, the ongoing consolidation showed the formation of a double-bottom pattern in the daily chart.
Also read: XRP Lawsuit: Blockchain Association Files Amicus Brief
This bullish pattern is quite famous for trend reversal and ignites a significant bull run. Thus, in response to the aforementioned pattern, the XRP pierce should breach the neckline resistance of $0.4.
A bullish breakout from the $0.4 triggers the double bottom pattern and offers suitable support for buyers to lead a recovery rally. Thus, this development should surge the altcoin 13.5% higher to the $0.446 mark.
On a contrary note, if the coin buyers fail to surpass the $0.4 mark, the ongoing consolidation will extend for a few more sessions.
Technical Indicator
EMAs: An flattish crucial EMAs(20, 50, and 100) highlight a sideways trend for XRP price. Moreover, these EMAs accumulated at $0.436 gives an additional barrier against a bullish recovery.
Relative Strength Index: The daily-RSI slope shows a bullish divergence concerning the double-bottom pattern formation. This divergence bolsters the bullish theory to reclaim $0.4.
XRP intraday price levels
- Spot price: $0.39
- Trend: Bullish
- Volatility: Low
- Resistance level- $0.4 and $0.46
- Support level- $0.35 and 0.328
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
