XRP Price Might Surge Above $0.4 This Weekend

XRP is showing incredible strength when compared to other altcoins and seems to be ready for a significant breakout. The increased volatility had generated significant upward momentum, but the recent price decline reversed the bullish momentum and the price dropped below $0.4.

XRP is gaining bullish momentum

XRP is currently trading sideways without any obvious directional bias. For five sessions in a row, the price has decreased due to low volatility. This suggests that altcoin has little interest from investors. The price of XRP has steadily declined after touching the swing highs near $0.41.

According to well-known cryptocurrency trader and analyst Crypto Rand, the XRP price may be about to stage another rally.

Based on the charts, the XRP is keeping an eye on a possible breakout at the $0.40 level.

  • On Thursday, the XRP price fell slightly from its ATH of 0.375 to trade at $0.368. Currently, it is down 0.41 percent.
  • The upward trend would persist if there were a daily candlestick above $0.38.
  • The latest rejection may cause the XRP price to drop to the lower support at $0.58, which is just below the $06 mark. From there, a strong flip may stop additional losses because the 50-day MA levels also intersect at $0.58.

With very strong support at $0.365, the price is building a bullish flag and pole pattern on the hourly time frame. This pattern predicts a strong bullish momentum of up to $0.38 if the price breaks over $0.3715.

The positive view, however, might be invalidated by a breach below the $0.3610 mark. The xrp price may also drop below $0.34.

Back in June XRP reached an annual low of $0.28. Since then, the price has increased by almost 46% in just one month. Strong resistance lies near $0.40; the bulls must provide new trading vigor to reverse the short-term downturn.

All time horizons for XRP are bullish. We can place a trade on the Buy side if the price closes above $0.3715 on the hourly time frame.

Was this writing helpful?


Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...