XRP Price Prediction as a Fall Below $0.6 Hints Prolong Correction
XRP Price Prediction: As Bitcoin price grapples with resistance at the $38,000 mark, a ripple effect is seen across the altcoin market, triggering a correction phase in several major cryptocurrencies. XRP, in particular, has not been immune to this trend, witnessing a 17.9% decline over the past two weeks, bringing its current trading price to around $0.6. Despite this setback, the coin’s position within the Fibonacci retracement levels suggests the overall bullish trend remains unbroken
Also Read: XRP Relisted on Top Exchange After 22 Months Hiatus
Is Current Retracement Healthy?
- A correction below 61.8% Fibonacci retracement level reflects projecting weakening bullish momentum.
- The XRP price above 100-and-200-day accentuates the overall trend and remains bullish.
- The intraday trading volume in the XRP is $1.6 Million, indicating a 6.2% loss.
Source: Tradingview
The Daily time frame Chart of XRP price illustrates a notable rally from October to November, where its value climbed from $0.472 to $0.735. This movement has contributed to the formation of a ’rounding bottom’ pattern, often interpreted as a bullish reversal indicator.
This pattern, resembling a cup, indicates potential for sustainable growth and offers an opportune entry point for market participants. However, the XRP price underwent a minor correction after peaking at $0.735, influenced by increased selling pressure across the broader market.
Today, it has incurred a 3% loss, slipping just below the 50% Fibonacci retracement level to trade at $0.6. While this level of retracement is generally deemed acceptable for regaining bullish momentum, a fall below this threshold could signal a weakening in the bullish trend.
If XRP price sustains above the $0.6 level, there’s a possibility for a resurgence in bullish momentum, potentially retesting the $0.753 high.
Conversely, a drop below the 61.8% Fibonacci level could escalate selling pressure, potentially pushing the price down to $0.51.
Should You Keep Holding XRP?
Renowned crypto analyst ‘EGRAGCRYPTO’ recently shared insights on the XRP price movement on the ‘X’ platform, posting a monthly chart that highlights a triangle-type pattern. Accompanying this observation with phrases like “the Storm’s Brewing,” the analyst seems to be rallying the Crypto Army to maintain confidence in their holdings.
This triangle pattern formation suggests that XRP’s price might hover sideways for a few more months before making a decisive breakout, likely on the upside, potentially leading to a significant rally.
- Exponential Moving Average (EMA): The rising 50, 100, and 200-day EMAs are poised to provide solid support during the ongoing retracement phase in XRP.
- Relative Strength Index (RSI): The daily RSI dipping below 45%, indicates a weakening of the bullish momentum.