XRP Price Analysis: XRP Reclaims $0.50, Is $0.64 Next?
The post XRP Price Analysis: XRP Reclaims $0.50, Is $0.64 Next? appeared first on Coinpedia Fintech News
With hawkish comments of Fed’s Powell starting a pullback in Bitcoin, XRP price manages to stride through the bear phase. Continuing its 12% recovery rally from the $0.46 support level, the buyers now challenge the 200-day EMA.
Moreover, the recovery rally reclaims the $0.50 mark, declining the chances of a death cross.
At press time, the XRP price is exchanging hands at $0.5163 with an intraday fall of 0.96% as it faces opposition from the 200-day EMA. However, the strong recovery with the triple white soldier’s pattern hints at a prolonged uptrend.
With the 50-day EMA moving sideways, it puts forth a reversal possibility to avoid the death cross. Surfacing above the crucial 200-day EMA will prolong the recovery rally significantly and spotlight a buying opportunity.
Read more in our XRP Price Prediction to find the potential future price trend of Ripple.
Coming back to XRP price action, the trendline breakout fuels the recovery rally and continues the post-retest rally.
Technical Indicators:
RSI indicator: The rising daily-RSI line projects a strong bullish comeback, increasing the chances of XRP price surpassing the 200-day EMA.
MACD indicator: The positive growth in MACD and signal lines with rising histograms paint a bullish picture.
Will XRP Price Revamp in 2023?
With the recovery rally gaining momentum, the XRP price may soon sustain above the $0.50 mark to prolong the uptrend. Moreover, the sentiments can improve in the coming weeks with the Bitcoin ETF decision coming closer. This can positively affect the Ripple coin price.
Sustaining above $0.50 can drive the Ripple prices higher to the $0.64 resistance zone. On the flip side, a bearish turn can retest the $0.46 support level.
