XRP Price Analysis: Coin Breaks Out Of Downtrend With 20% Boost, New All-time High Expected
- XRP coin price has been falling since 52 weeks high of $1.96 and established a support zone near $0.95
- Currently, the coin has taken support from the 50 EMA, which is above the 200 EMA, indicating the bulls are still in play.
- The XRP/BTC pair is trading at 0.00002549 with an intraday gain of 15%
XRP coin price created a new 52-week high of $1.96 before starting a downtrend to fall more than 50% in value; currently, it is holding above 50 and 200 EMA in the daily timeframe. The volume over the daily chart is declining.
After the downtrend, a new support level was observed at $0.95, and the price consolidated a little before taking support from 50 EMA and boosting up 20%. The live XRP price today is $1.41 with a 24-hour trading volume of $16,840,427,633. XRP is up 20.02% in the last 24 hours. The live market capitalization of the coin is $63,806,690,423.
A successful retest is all it takes
According to the situation in the 4-hour timeframe, the XRP coin price had declined since the all-time high-level rejection. However, the recent 20% boost has resulted in a breakout of the resistance trendline.
A short pullback is expected to give a retest for the breakout, after which a rally could be expected. 200 EMA and the $0.95 support zone have pushed the price back up in the 4-hour timeframe.
The levels of $0.84 and $0.65 are the immediate support, whereas the immediate resistance level is $1.51; however, the durability of this resistance is questionable as the breakout brings the possibility of coin price closing in on the previous high of $1.96.
The price boost has breached the resistance trendline along with the 50 EMA(yellow) in the 4-hour timeframe. The 50 EMA has sustained above the 200 EMA (white), indicating an uptrend.
The RSI (bearish) indicates bearish momentum while trading at 65.13 and is now heading away from the overbought zone.
The ADX indicates a losing momentum as it is trading at 27 while the slope in ADX is decreasing. This implied a stunning momentum for now in the 4-hour timeframe.
Conclusion – XRP coin price has recently exhibited a breakout of a resistance trendline suggesting a start of an uptrend. A short-term pullback is anticipated to give a retest, after which a bull run could be expected. A failure of retest could drive the price down again. Hence, early traders must wait for retest confirmation.
Support- $0.84 and $0.65