XRP Price Analysis: Ripple Aims For $0.55 Break To Cross $0.70!
The post XRP Price Analysis: Ripple Aims For $0.55 Break To Cross $0.70! appeared first on Coinpedia Fintech News
Following the falling channel breakout, the XRP price has struggled to overcome the supply inflow at the 200-day EMA. Taking a step backward to retest the channel breakout, the Ripple coin price finds the post-retest momentum.
Rising sharply 2.28% on Thursday, followed by the sharp increase on Friday to reach $0.549 before closing at $0.5217. The XRP coin price gives a bullish closing of 2.35% to rise above the 200-day EMA.
In the one-day chart, the XRP price shows a sharp reversal from the broken trendline to reach the overhead resistance. However, the partially successful breakout attempt leads to a long wick candle and fails to exceed the $0.54 resistance zone.
Nevertheless, the two consecutive bullish candles undermine the previous bearish trend and improve the overall sentiment. Currently, the XRP price trades at $0.5162 with an intraday fall of 1.05%, reflecting a minor pullback as bears get active at the EMA.
The ongoing brawl between the bulls and bears at the 200-day EMA will determine the future price trend of XRP. Therefore, the price movement on the weekend will be critical for the Ripple coin price and determine the Ripple price prediction ahead.
Technical Indicators:
MACD indicator: Avoiding bearish crossover on multiple events in the falling channel, the MACD and signal lines resurface once again. The uptrend continues, and the bullish histograms rise to indicate a bullish trend in motion.
RSI indicator: The daily RSI line sustains above the halfway line but keeps a sideways trend due to the higher price rejection.
Will XRP Price Cross Above $0.55?
As the supply influx at the overhead ceiling intensifies, the XRP price trend struggles to maintain the positive trend. With the recent candle failing to give the $0.55 breakout, the struggle for trend breakout continues.
The unleashed trend momentum will fuel a new rally if the Ripple price manages to close above the $0.55 mark. With this breakout, the altcoin may recover lost levels like $0.60 and $0.70 in a few weeks.
On the flip side, a failure to sustain above the 200-day EMA will retest the $0.50 mark.
Filed under: Bitcoin - @ September 30, 2023 6:22 am