- XRP price prediction highlights the extremely bullish sentiments of the market
- XRP token has shown a year-to-date growth of 111.42%.
- XRP price peaked to $0.93, which is a record high since March 2021
XRP’s (XRP) price prediction reveals the extremely bullish sentiments of the XRP token, which has been rising up since the start of the year 2023. The market pumped more than 80% reaching the price point of $0.933, marking a new high since March 2022. The recent pump was fueled by news of victory of XRP over the lawsuit which was made by SEC. The additional kick to this pump was the relisting of the XRP token on majjor exchanges such as Coinbase and Kraken
At the time of writing, the current market price of XRP coin is $0.7185. The 24-hour trading volume fell by 56.86%. The market is down by 7.73% in the last 24 hours. The overall market cap of XRP tokens is $37,753,609,694.
Will XRP Sustain Its Bullish Momentum?
XRP’s (XRP) price prediction reveals that the XRP coin price has followed a steady momentum to the upside since the start of the year 2023. The market kept making higher highs and higher lows while taking support at an ascending trendline. March 2023 witnessed a bullish rally of 50% to significant resistance at $0.5534.
The bulls made two attempts to break this resistance and succeeded in their third attempt. The market saw a correction in June 2023 while the price formed a descending triangle. After a retest of the ascending triangle, the market finally broke the triangle to the upside, and the XRP price exploded, breaking the resistance and reaching the level of $0.93.
Can XRP sustain above the Resistance?
On the 4-hour chart, the price action shows big green candles and massive volume, which points to aggressive buying in the market. The surge in the XRP token has led to a new high since October 2022. The volume recorded a surge of 1,300% as major exchanges listed the XRP coin.
The momentum faded in the short term as the XRP price plunged 23%. The price is taking support from the 9 and 15 EMAs. Meanwhile, the resistance of $0.7046 has turned into support. The correction is pointing to profit booking where investors would like to take some money off the table.
RSI: The RSI indicator is currently at 64.85. It means that the market is slightly overbought. This indicates the bullish strength of the market and the prices may move up until the RSI goes below 50.
MACD: MACD is about to make a bearish crossover above the 0 line. This indicates that the market may witness a correction but the prices won’t fall aggressively until the indicator goes below the 0 line.
200 EMA: On the 4-hour chart, the price is trading above the 200 EMA. This is a bullish sign and an indication that the buyers are in control. The 200 EMA acts as a dynamic support, and the prices may continue to move up until the price breaks below the indicator.
Conclusion:
XRP’s (XRP) price prediction focuses on the extremely bullish sentiments of the market since the start of the year 2023. The market is very bullish and extremely volatile at the moment. The recent pump has attracted significant investment from buyers. New players must wait for the market to cool down. Due to its high volatility, it would be dangerous to enter any position at this time. It’s best to wait for a pullback or some bullish pattern, such as a bull flag or bull pennant, to enter long positions. Moreover, it’s important to follow a strict risk management strategy to keep losses in check.
Technical Levels
- The nearest support level: $0.7046
- The nearest resistance level: $0.9300
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
