28 May 2023 17:32, UTC
Reading time: ~2 m
XRP Price Prediction: After spending two months in a steady correction phase, the XRP price projects an early sign of upcoming recovery with the breakout of the falling channel pattern. On May 25th, the daily chart shows a decisive breakout from the pattern’s resistance trendline with an above-average volume action. This high momentum breakout indicates the buyers’ conviction to rise higher and reclaim lost ground. Here’s how interested trades could grab long entry opportunities with this pattern.
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- A pullback to the breached trendline offers a retest buy opportunity to potential buyers
- A bullish crossover between the 20-and-50-day EMA attracts more buying orders in XRP
- The intraday trading volume in the XRP is $401.5 Million, indicating a 45% loss.
By the press time, the XRP price trades at the $0.47 mark with an intraday gain of $0.25%. However, the daily chart has been showing rejection candles at the current price indicating an early profit booking from short-term traders.
This selling pressure could trigger a minor pullback in the XRP price and plunge it to the recently breached trendline. If the coin price shows sustainability at this level the buyers will obtain a suitable launchpad to initiate a fresh recovery rally.
The post-breakout rally could drive the XRP price 25% higher to hit the $0.582 peak.
Will XRP Price Hit $0.582?
A bullish breakout from the channel pattern signs the end of a correction phase in the XRP price. In theory, this pattern completion offers each swing high as a potential target and therefore, the prices are likely to be $0.485, $0.547, and $0.58 with sustained buying.
- Super trend: The XRP price is about to surpass the Downtrend neckline of this pattern, which indicates an additional confirmation for trend reversal.
- Relative Strength Index: An evident growth in the daily RSI slope reflects the growing bullish momentum in the XRP price.
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