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- Sohrab Khawas
Sohrab Khawas
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Oct 04, 2023 06:08 UTC
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XRP Price Analysis: Bulls Eye $0.70 as Bears Look to Pullback!
XRP price jump fails to surpass the $0.54 supply zone for the second time in the last seven days.
The overhead supply pressure leading to another rejection warns of a double top pattern in XRP price action.
A breakout above the $0.54 zone will refuel the bullish momentum and drive the XRP price to $0.70.
Following the sharp correction to $0.4590 with a resistance trendline formation, the XRP price action displays a bullish recovery. The recovery rally prolongs the overall uptrend seen in Ripple prices in 2023.
With a 58% year-to-date growth, the uptrend continuation strengthens again even after losing the partial victory gains against the SEC. Moreover, the market-wide Ripple price prediction improves with buyers reclaiming the psychological mark of $0.50.
In the 4-hour chart, the XRP price action displays a trend reversal with the 200 EMA breakout. Moreover, the price action showcases an inverted head and shoulder breakout, formed diagonally with the neckline as the overhead resistance trendline.
Despite the trendline breakout, the Ripple breakout rally faces opposition from the $0.54 supply zone, leading to multiple reversals. The breakout and post-retest rallies both fail to surpass the excessive supply.
Moreover, the rejections warn of a double top pattern forming, which may lead the XRP price back into a bearish trend. Additionally, the reversal threatens the possibility of a golden crossover in the 4-hour chart.
Technical Indicators:
DMI indicator: The uptick in the ADX line (black) reflects a rise in the trend momentum in XRP price. Additionally, the DI lines maintain a positive alignment, reflecting a bullish trend in motion.
Exponential moving averages: The rising 50 and 200 EMA in the 4-hour chart project a high possibility of a golden crossover.
Will XRP Price Cross Above $0.55?
With the bullish attempts struggling to surpass the $0.54 supply zone, the XRP price action hints at a sideways trend before the breakout. As the broken trendline becomes a level of support, the downtrend continuation chances for Ripple are minimal.
Considering the Ripple prices break above the $0.54 zone with the market-wide recovery, the altcoin prices will skyrocket. The breakout rally is expected to test the $0.70 mark and end 2023 above $1.
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