XRP Price Prediction, Will Bulls Roar Back to Power
- Buyers maintain control of the trend, suggesting the formation of a cup and handle pattern on the daily chart
- XRP has been trading within a channel pattern on its 4-hour chart
- On the daily chart, a long wick candle and a red candle suggest a loss of control by buyers
XRP retraces from $0.750, tests $0.600 support, eyes potential rally
XRP initially surged 5% in response to rumors about iShares and BlackRock registering an XRP ETF, but the rally was short-lived as the news turned out to be fake. The coin lost momentum, dipping below the crucial $0.6800 support after last week's reversal at $0.7500. Currently trading near $0.6000, a key demand area, XRP faces challenges amidst Bitcoin's retracement to $36,000. Despite lingering within a supply range, optimism for an upward move exists post the resolution of SEC litigation.
Technical View:
According to Coingabbar Price Analysis, After a bullish reversal from $0.46, XRP surged to $0.75, driven by progress in the SEC lawsuit and a market recovery. The reclamation of the $0.65 level led to a re-evaluation phase marked by Doji candles last week. Despite this, buyers maintain control, suggesting a potential cup and handle pattern on the daily chart—a sign of a transition from downtrend to uptrend through bottom accumulation. On the 4-hour chart, XRP breached a channel pattern but failed to close, returning to the lower level and currently trading at the midpoint. The next move depends on the breakout of the channel pattern.
KEY LEVELS :
RESISTANCE LEVEL : $0.6600-$0.6800
SUPPORT LEVEL : $0.6200-$0.6000
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
