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- 1 XRP price prediction demonstrates the mild bullishness in the crypto price.
- 2 XRP price is trading below the key moving averages showcasing bearishness.
- 3 The crypto is trying to bounce back as it grew by 2.92% this week.
XRP price forecast demonstrates the bearishness in the price as it is trading in a descending channel. The price is trading below the key moving averages showcasing bearishness on the daily technical chart.
The XRP price was at $0.53264 and gained 1.66% of its market capitalization during the day’s trading session. Trading volume decreased by 11.77% during the intraday trading session. This demonstrates that sellers are trying to pull crypto prices downward. The volume-to-market cap ratio was 2.45%.
XRP price prediction highlights the challenges facing crypto as it attempts to recover. If it manages to sustain this recovery, it could reach the upper levels above the key moving averages.
Moreover, the present price level represents a significant resistance point which is a hurdle in the price recovery. It’s worth noting that sellers are actively increasing their positions, putting downward pressure on XRP. Furthermore, if the price can break above the key EMAs, it may be able to sustain its recovery on the daily chart.
Cryptocurrency began its upward trend from the key levels, and its chance for full recovery depends on holding its current position, which acts as the main resistance level. For crypto price to rise more, it needs strong buyer demand to push its value higher from this crucial resistance point.
Technical Analysis of XRP Crypto Price
The RSI curve is heading in the upward direction surpassing the median line at 51.17. The RSI curve is above the 14 SMA line indicating mild bullishness in the price.
The price is trading below the key moving averages and is still in the bearish phase while sellers are active on the upper levels.
The MACD curve is also demonstrating mild bullishness in the price as it is heading toward the zero line. A bullish crossover and green bars are demonstrating a positive outlook in the price.
Summary
XRP cryptocurrency price forecast demonstrates the mild bullishness in the price as it is bouncing back from the lower trendline. However, the price is still in the downtrend. The likelihood of a price rebound now depends upon whether the price will break above the key moving averages or not as it is a key obstacle for the price recovery.
Technical Levels
Support Levels: $0.47493 and $0.50341
Resistance Levels: $54964 and $0.56561
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
