The XRP price undergoes a consolidation range, as the bears challenge the solid psychological mark of $0.50. With momentum trapped within the Bollinger bands, the XRP price action teases a sharp breakout move shortly. Losing all the partial victory gains, the XRP price may soon crumble below $0.50. Should you consider buying the dip or wait for a reversal?
Also Read: XRP Price Prediction Begins Bullish Action, Path To $1 Clear?
Double Bottom Pattern Hints Pontential Upswing
- Avoiding a double top breakdown, the XRP price takes second support at the $0.48 demand level.
- Trapped between two constructing Bollinger bands, the MACD indicator gives a bullish divergence.
- The intraday trading volume in the XRP is $608 Million, indicating a 26% loss.
In response to the crumbling market conditions, the XRP price has been breaking multiple support levels. Losing the entire 73% gains of the partial victory against the second, the XRP coin price bottoms out the downtrend slightly below the mark of $0.50.
Transforming into a sideways trend, the XRP price action reflects a slight exhaustion in selling pressure over the weekend. Moreover, the XRP price action hints at a potential double-bottom reversal within the consolidation range.
With the Ripple labs taking a stronger stand against the SEC, in response to their appeal, the positive sentiments are to rise. Therefore, a recovery rally in XRP is possible if the crypto manages to break above the consolidation range.
Can XRP Buyer Make a Comeback?
While the overall market sentiments are declining with the SEC delaying the Bitcoin ETF approval, the altcoins may hit lower lows in the coming week. With the growing harsh conditions, the XRP coin price can breach the $0.48 demand belt to reach $0.42.
Optimistically, the reversal sprouting from the $0.42 mark can reach the $0.55 resistance top to complete the positive cycle in the range. This will increase the breakout chance which may propel XRP to $0.59.
- Bollinger Bands: Bollinger bands continue to move sideways as the constricting price movement develops.
- Moving Average Convergence Divergence: With a prominent bullish divergence, the tangled MACD lines give an overall positive signal.