Here’s how XRP price may kick-start its recovery rally

Published 24 seconds ago by
Brian Bollinger A flag pattern is formed by the XRP daily time frame chart. This pattern is formed when the price moves sharply upwards, followed by a correction period of lower trading volume. The directional uptrend is initiated by a breakout from this consolidation. The XRP price is currently going through the pattern’s correction period, waiting for its breakout.advertisementKey Points: The daily chart showed a tweezer bottom candle pattern at the support trendline, which is an excellent sign of a bullish reversal.
A bullish breakout of the pattern’s resistance trendline would release XRP from the ongoing retracement.
The intraday trading volume of the XRP is $527.5 billion, which indicates a 59.5% increase.
Source: TradingviewThe XRP price has been falling steadily over the past three weeks in the name the correction phase of this flag pattern. As shown in the chart above, the series of lower highs/lower lows is connected to two trendlines. The correction phase has seen a drop of 14.34% in XRP’s market value, currently trading at $0.37. However, most major cryptocurrencies have turned bullish since the January CPI data was released. The XRP price gained 1% intraday from the lower support trendline. Trending StoriesWith continued buying, the coin’s price extends the recovery and eventually breaks its overhead trendline. This breakout will be a sign of a bullish trend resumption and may drive the coin price above $0.43.Also Read: Top Crypto Discord Servers/Groups Worth Joining In 2023On a contrary note, the pattern will remain trapped in a correction until the price remains within the two trendlines.Technical IndicatorEMAs: a bearish crossover between the 20-and-100-day EMA may extend the ongoing correction phase.advertisementRSI: the daily-RSI slope spotted low in bearish sorority indicates the market sentiment is still bearish.XRP Intraday Price LevelsSpot price: $0.37
Trend: Bullish
Medium Volatility
Resistance level: $0.337 and $0.395
Support level: $0.33 and 0.31
Share this article:About author
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. Close Story