The crypto market has undergone a correction phase over the last two weeks, influenced by Grayscale’s liquidation of its Bitcoin holdings. XRP, the sixth largest cryptocurrency, has also been impacted, witnessing a price drop from $0.62 to $0.528, resulting in a 15% loss. However, this recent decline, which brings XRP close to its yearly support level, could potentially revive buying interest in the asset, offering it an opportunity to recover and aim for higher price levels

Why XRP Price Is Poised for Bullish Reversal

The XRP price will remain in a sideways trend trend until the triangle pattern is intact.
The coin buyers may witness highlighted demand pressure at the lower trendline of the triangle pattern.
The intraday trading volume in the XRP is $947 Million, indicating a 69% loss.
XRP Price| TradingView Chart

The XRP price has experienced a gradual recovery since early 2023, supported by an ascending trendline. This trendline has effectively provided support during significant market downturns, encouraging buyers to maintain an upward trajectory. 

Notably, the coin has rebounded from this rising trendline on three occasions, demonstrating continued investor interest in acquiring XRP during dips—a clear indication of bullish sentiment.

As of the latest data, XRP is trading at $0.527, reflecting a 3.5% decline on the day. If the current selling pressure persists, the coin’s value might further decrease by approximately 2.5%, potentially reaching the lower trendline at around $0.512. 

Should XRP maintain its position above this support level in the forthcoming days, investors can anticipate an additional upward movement, continuing the existing sideways trend.

For XRP to embark on a steady recovery path, it’s crucial for buyers to overcome two key resistance trendlines, depicted as blue and green in the accompanying chart. A decisive break above these trendlines would indicate an end to the ongoing consolidation phase and signal the beginning of a new phase of recovery

Key Levels to Watch

If XRP price breaks above its overhead trend line, it could trigger increased buying, potentially driving prices to $0.70 and $0.75. Conversely, a break below the lower trend line might signal a bearish shift, possibly pushing prices down to $0.47 and $0.42, as sellers gain dominance in the market.

Exponential Moving Average: The XRP price trading below both the 50 and 200-day EMA indicates a sideways to bearish market sentiment
Average Directional Index: the ADX slope at 29% points towards an aggressive bearish momentum, further solidifying the prevailing downward trend.

Related Articles:

XRP Ledger (XRPL) L2 Evernode Hits Major Node Issue, What’s Happening?
XRP Campaign by Gemini Fuels Speculation of Major Development
SEC vs. XRP: Ripple Fights Back Against SEC’s Late Discovery Demands

The post XRP Price Nearing Historical Accumulation Zone with Eyes on $0.75 Target appeared first on CoinGape.

---

Filed under: News - @ January 1, 1970 12:00 am