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Price Analysis

XRP Price Poised for a Bull Run With 60% Chances for a Breakout

The crypto market has resorted back to the consolidation phase and is expected to make big moves in the upcoming days after accumulation. We had suggested a strong consolidation stage in our last XRP Price Analysis due to selling out by whales, the XRP price could not sustain the highs. 

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However, the investors are confident about XRP hitting and potentially crossing the yearly high. A Netizen took to social media indicating through analysis on a six month chart for the bullish momentum to continue suggesting a 60% upswing.

Ripple(XRP) has been consolidating making a pennon pattern on a 30 minute chart, since its dramatic surge on March 16, 2021, from $0.430 to $0.515 signalling a potential breakout. The chart below shows narrowing of the price ranges between higher highs and lower lows, a breakout is imminent.

XRP price

Decent transaction volumes worth $3.2 Billion have taken place in the last 24-hours. Experts suggest that, with a push, XRP shows the potential to break the multiple resistances at $0.50 and $0.52 to reach the February levels of $0.55 and above. XRP’s market cap at $21,532,859,459 increased by 0.21% in the last 24 hours.

With the strong support of Fibonacci levels 0.5, at $0.47, XRP can have a bull run. XRP was trading at $0.4748, up 0.27% at the time of penning this article. Even the EMA, MACD indicates bullish momentum. 

Also Read : Ripple Price Prediction: XRP Price Forecast For 2021 and Beyond

The Bollinger Bands indicate a narrow neck, signalling an imminent move, either upward or downward. But there is also risk of bear market taking over if the upper boundary of the resistance is not successfully broken. 

Looking at the Fibo charts, Ripple has sustained well at 0.36 and above. The tool suggests that the targets could be set to $0.8 and above if the resistance levels at .5 gets broken and selling pressure decreases. 

  • Resistance levels: $0.50, $0.52.
  • Support Levels: $0..466, $0..456, $0.435
  • MACD: Bullish
  • RSI(14): 50

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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