XRP Price Analysis: What Factors Are Holding Cryptocurrencies Back from a Bullish Run

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Brian Bollinger The XRP coin’s price has been falling steadily for the past month due to the flag pattern. The coin price plunged 85 from its last swing high of $0.432, and is currently at $0.395 The Ripple coin price will continue to fall until the two downward trend lines that are resonating with the price remain intact. This is when potential buyers can search for an entry opportunity. AdvertisementKey points: The falling channel range can be considered a no trading zone for new market participants.
Bullish momentum will be released if the overhead trendline is broken by a bullish breakout.
The intraday trading volume of the XRP is $1.3 billion, which indicates a 58% increase.
Source: TradingviewA flag pattern is usually seen in an ongoing bull market. It indicates a temporary correction before the bull market continues. Source: TradingviewA flag pattern is a sign of temporary correction before the bull run continues. Trending StoriesAlso read: Top Crypto Marketing Firms/ Agencies 2023; Here are our Best Picks. The coin price is currently below the trendline and at risk of a prolonged correction. Despite the recent recovery, the daily candles showed a bullish candle with sufficient volume, indicating that the underlying bullish momentum was rising. The prevailing rally will continue if the daily candle closes above the trendline. A potential bull run could help XRP price reach the following targets of $0.422, $0.432, $0.476, and $0.5. Technical IndicatorBollinger Band: the XRP price rose above the indicators midline project the buyers are trying to reclaim trend control.advertisementMACD: despite a breakdown below the neutral line, the MACD(blue) and signal(orange) went sideways indicating the weakness in bearish momentum and additional confirmation for an upside breakout.Xrp Intraday Price LevelsSpot price: $0.395
Trend: Bearish
High Volatility
Resistance level: $0.435 and $0.45
Support level – $0.393 and 0.3772
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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.