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May 18, 2024
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XRP Price Analysis: Is A Reversal Within A Wedge Enough To Refuel The XRP Price Rally?

The post XRP Price Analysis: Is A Reversal Within A Wedge Enough To Refuel The XRP Price Rally? appeared first on Coinpedia Fintech News

Failing to sustain above the $0.80 mark, XRP price action maintains a declining trend leading to a falling wedge pattern in the four-hour chart. The remarkable 20% drop in market value over the last two weeks brings the XRP coin price under the $0.70 mark. 

Currently, the XRP coin price dives from the overhead resistance trendline, accounting for a 5.79% drop in the last 24 hours. However, the 4-hour chart displays lower price rejection from the support trendline highlighting the buyer’s acceptance to absorb the excessive selling pressure.

As per the Fibonacci retracement level, the four XRP price takes support from the support conference of the 50% level and the 200 EMA at $0.65. However, the decline in the 50 EMA line projects a possibility of a death cross. 

Moreover, the RSI indicator displays positive divergence within the falling wedge pattern, which may increase the chances of a bullish reversal leading to an upside breakout.

If the Ripple price trend manages to exceed the overhead supply at $0.69, leading to a bullish breakout, the XRP market value may reclaim the $0.80 mark. Even challenge the overhead supply to potentially create a new swing high above $1.

On the opposite end, a bearish breakdown of 50%, Fibonacci level at $0.65 can lead to a further decline in the Ripple market value. The breakdown rally can crash the XRP prices by 6.48% to test the bullish dominance at $0.60, coinciding with the 61.80% Fibonacci level.

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