Price Analysis

XRP Price Could Portray 2x Returns! Traders Should Look at This Entry Level

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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May 7, 2022

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Highlights

    XRP’s RSI shows signs of a drop to the oversold regions at 33.01.

    Validation of the double bottom pattern could push the price by 2X.

XRP’s price has been under the prolonged dominance of the bears. Which has slashed the valuation of the crypto asset to a greater extent. The torrential torments since the start of the year, have brought the price down by 30%. Wherefore, the marketers from the space are now keen on learning about the plausible projections of XRP for the short term. 

XRP Now Exposed To Another Round Of Sell-off?

XRP on the daily time frame has been ranging in tandem with the turbulence of the crypto industry. After losing its hold on its crucial support at $0.6561. The altcoin witnessed a steep fall to $0.59 on the 6th of May. XRP price at the time of press is changing hands at $0.5953, with 1.75% losses incurred over the previous day.

While the market cap is hovering around $28,780,531,874. The volumes for the past 24-hours have taken a toll of 28.73%. Which has resulted in the numbers falling to $1,692,263,756. The RSI for the fortnight is presently seeing a close at 35.55 and is showing signs of a drop to the oversold regions at 33.01.

The altcoin had recently posed a rebound to $0.64. But the bears seem to be picking up pace, as the candles are now facing south. With the existence of the 50D SMA, the downside risk to crucial support at $0.5531 continues to persist. Breaking which the next immediate support lies at $0.519. Which could possibly occur over the weekend. 

All Work No Play For XRP?

The crypto asset is seen attempting to form a double bottom pattern (also called “W-pattern”) on the daily time frame. If the bulls manage to validate the thesis, a rebound could push the price to $1.28. But the digital coin would have to surpass the intermediate resistances at $0.65, where the 50-D EMA resides. Followed by its crucial levels at $0.917

Summing up, XRP could possibly witness a fall to its crucial levels at $0.5531. From which it could probably pose a rebound, as it has been in the recent past. That said, the crucial support levels are undoubtedly ideal to mark positions. Successively, if the bulls manage to validate an uptrend the $1 mark could come into sight. 

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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