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Sohrab Khawas
Sohrab Khawas
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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.
- Sep 27, 2023 05:52 UTC
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XRP Price Analysis: Retest Prolongs For XRP, Next Stop $0.60?
XRP price retests the broken resistance trendline of a falling channel.Â
With the short-term retracement, the XRP price brings the entry spot to slightly lower levels.Â
The post-retest reversal in XRP will face opposition at the $0.55 resistance zone.
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.
Yes 
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