The post XRP Price Analysis: Retest Prolongs For XRP, Next Stop $0.60? appeared first on Coinpedia Fintech News
Struggling to make a comeback from the low of $0.46, XRP price faces volatility above the psychological mark of $0.50. Moreover, the Ripple price undergoes a retracement with the recent bounce back facing overhead supply.
Nevertheless, the retracement comes as a retest in the broader framework, keeping the bullish hopes high.
In the daily chart, the XRP price action shows a sharp retracement from $0.82 to $0.46 over the past months. However, the price action displays a falling channel breakout supporting the reversal chances.
The breakout rally fails to surpass the $0.55 supply zone, resulting in a retracement to retest the broken resistance trendline. Currently, the Ripple price action shows multiple lower price rejection candles forming at the trendline, increasing the reversal chances.
Moreover, the XRP price trades at $0.50 with minimal intraday movement, reflecting the altcoin overcoming the supply effect.
Technical Indicators:
RSI indicator: Similar to the XRP price movement, the daily RSI line transcends into a declining phase to cross under the halfway line.
MACD indicator: The declining trend in the bullish histograms warns of a bearish crossover in the MACD and signal lines.
Will XRP Price Cross Above $0.55?
The technical indicators and the declining XRP price trend paint a bearish picture of the short-term trend. However, the retest possibility keeps the buyers in play and projects a reversal possibility. Moreover, the lower price rejections support the buyers.
Therefore, the reversal rally has a high possibility of crossing over the $0.55 mark. Conversely, a bearish turn can retest the $0.46 support level.
