Ripple Price Prediction: XRP Breaches $0.52 – Whales or Retail Fueling the Rally?

Updated: 28 August 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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On August 27th, Ripple (XRP) experienced a brief breach of the $0.52 price level. However, this increase was promptly curbed by a significant resistance point at $0.54.

As of 2:47 a.m. EST today, the price of XRP has dipped to $0.51, indicating a decline of 1.8% over the past 24 hours.

Despite this drop, the daily trading volume remains substantial at $633 million, showcasing a notable surge of 45.10% within the past day.

XRP Price Trapped Within Ascending Triangle

XRP/USD Chart Analysis. Source: Tradingview.com — XRPUSD Chart Analysis. Source: Tradingview.com

According to the chart above, XRP’s price appears to be caught within an ascending triangle pattern, typically signaling a potential bullish trend continuation.

As the price reaches the upper boundary of this triangle, both bearish and bullish forces appear indecisive about its future direction.

Nevertheless, the advantage seems to lean towards the bullish side, given that the price remains within the triangle.

Additionally, the bullish stance gains strength from the 50-day and 200-day simple moving averages, which are positioned beneath the price at $0.64 and $0.50, respectively.

Furthermore, the 200-day moving average is a substantial support level, potentially enabling the bulls to regroup swiftly and drive the price upward.

The relative strength index (RSI) has steadily risen from its bounce-back point at 25 to its position at 33, indicating significant buying pressure. This momentum could push the RSI beyond the 50-mark, signaling a growing bullish sentiment.

Based on this analysis, the overall outlook for the XRP price suggests a continuation of the bullish trend, supported by the ascending triangle and the presence of the SMAs.

Critical price levels to monitor are $0.56 and $0.67.

However, a candlestick open below the 200-day moving average could trigger a price decline, with essential support levels at $0.45 and $0.38, respectively.

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https://youtu.be/UbdOXiYfaRY

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