Published 21 hours ago
Unlike the major cryptocurrencies, which saw significant gains in the first two weeks of 2023, XRP’s price has shown limited growth. Amid this recovery, the coin price bounced off the 0.33 support and broke through the local resistance of $0.374, rising 23% to a high of $0.4. But can XRP price sustain a sustained recovery in the coming weeks?
Key Point:
- XRP price fluctuations between 0.41 and 0.33 over the past two months indicate a range of fixed income trends.
- A daily close above $0.41 could push XRP price up 7.6%
- XRP has $1.4 billion in intraday trading volume, up 39%.
sauce- trading view
The cryptocurrency market has stalled its recovery in recent days, with XRP prices flattening and teetering between $0.37 and $0.41. Between this range, candles on the daily chart showed several Doji candles with long high and low rejection wicks, indicating uncertainty in the XRP price.
In any case, a lateral walk above $0.37 will allow buyers to retest the recently recovered support. Additionally, a long-term consolidation beyond the aforementioned support will validate whether the coin’s price is well supported at this level and can be used to rise higher.
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Therefore, investors who believe that the XRL price may rise in the near future can use this support as an entry opportunity. On the other hand, those looking for a safer entry can consider buying after breaking the $0.4 barrier.
A bullish breakout from the overhead resistance could push the exact price higher by 7.6%, reaching $0.44.
Country-wise, a break below the $0.37 support will undermine the bullish thesis.
technical indicators
it’s not: flat crit is (20 50,100, and 200). Highlighting XRP’s sideways friend. However, a potential bullish crossover between the 20-day EMA and the 50-day EMA near the 0.37 mark adds support at this level.
relative strength index: The lagging RSI slope moving above the midline shows that market sentiment is positive for a bullish recovery.
XRP Intraday Price Levels
- Spot Price: $0.387
- trend: bullish
- Volatility: High
- Resistance Levels – $0.41 and $0.44
- Support Levels – $0.37 and 0.33
The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.
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