XRP Price Prediction After Falling Below $0.48 Support -- Is it Time to Sell?

XRP Price Prediction After Falling Below $0.48 Support — Is it Time to Sell?

Updated: 05 July 2023

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The XRP price dipped on Wednesday morning but during the past week has largely regained momentum, moving above the 50-day exponential moving average (EMA) at $0.485. Since the beginning of the month, it’s climbed 5% and is up 2.3% in the past five days. The technicals suggest bullish investors may push for it to breach the $0.491 resistance level despite a 2.5% drop at one point today.

XRP Price Rises Along Lower Bullish Trendline, Signals a Rally Above $0.6 Resistance

XRPUSD Chart Analysis. 7/5/2023 — XRPUSD Chart Analysis. Source: Tradingview.com.

The beginning of 2023 saw the XRP price rise steadily above its low of $0.3. The coin has been trading along the lower buy trendline, forming 2 equal higher highs and 3 high lows. This signals that the price may rise to the next higher high, and likely above the resistance level of $0.6 from the last higher high in this bullish mini-series.

After forming the second equal higher high, the price formed a double bottom pattern, giving the bears access to the market to pull the price down. For a while, the bulls watched as investors, perhaps looking to make quick profits, forced prices down. However, obeying the trendline, the buyers came back in, forming another higher low at $0.45.

The support level at $0.41 seems strong, potentially allowing bulls to push the price higher. Additionally, the resistance level at $0.56 acts as the neckline to the W-pattern formation and should help the last higher low push the price to the resistance level. That may prompt traders to drive prices higher.

XRP Price Indicators Signal Price Surge

After successfully flipping above the 50-day moving average at $0.485, XRP has regained momentum and experienced a 1.4% gain since the beginning of the week. Bullish investors seem to be pushing to surpass the $0.6 resistance level. Moreover, the MA crossover at $0.45 indicates a trend change in favor of the bulls.

Increased buying pressure could facilitate the anticipated climb of 0.75%, ultimately enabling XRP to clear the hurdle and surpass $0.56. If the current bullish momentum persists, there is a potential for XRP to surge by 10% from its current level, reaching the $0.6 hurdle.

The up-moving Relative Strength Index (14) supports this optimistic outlook, indicating a rise in buying activity among XRP bulls trading one unit above the neutral level of 50. However, day traders seeking quick profits could disrupt the rally by selling XRP at its current market value.

This selling pressure may push the Ripple price back below the support of the 50-day moving average at $0.48 or even lower, dropping to the 200-day Moving average at $0.456 just near the bullish trendline. If the bulls fail to capitalize on these areas of buyer congestion, the Ripple price may move downwards, breaking below $0.450 and approaching the support level of $0.420.

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Ecoterra Prepares for R2E Beta Launch, Expands Market with 10% Bonus Token Offer

Ecoterra is about to open applications for users to sign up for the beta version of its highly anticipated R2E application.

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The app’s sleek and minimalistic layout will ensure easy navigation and an intuitive user experience. It’s expected to launch the alpha version of Ecoterra’s R2E application by the end of the year.

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Ecoterra’s Surges in Presale, Raises $5.8 Million Nearing $6.7M Hard Cap Target

The presale of Ecoterra’s Recycle-to-Earn (R2E) crypto project is surging, reaching $5.8 million. It is now entering its final stages, nearing the hard cap target of $6.7 million.

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