XRP price has resumed its upward trend following a significant retracement from its recent low of $1.05 to the $1.12 support zone. At press time, XRP is trading at $1.28, with an increase of 8.74% over the past 24 hours.
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Can XRP Price Extend Its Recovery From Key Support?
Based on the data from the TradingView chart, XRP has bounced back sharply from its approximate $1.12 support zone and is testing a new resistance level of about $1.28.
In addition to this increase, XRP’s RSI (Relative Strength Index) has recovered from a recent sub-30 reading (oversold) to approximately 55 today.
Furthermore, according to this chart, XRP’s price is still below its 50-day Moving Average (near $1.32) and 200-day Moving Average (near $1.58).
Therefore, even though XRP’s technical picture seems to be improving with the substantial bounce from $1.12 (support zone), we must remember that the overall trend is still mixed.
However, if XRP price can stay above its 50-day Moving Average, the positive technical momentum will continue to grow in the short- term.
Also Read: XRP Sentiment Falls to 8-Month Low as Market Watches for Potential Recovery
Could This Chart Pattern Push XRP Higher?
Ali Charts (@ali_charts) recently posted an image on the site, indicating that XRP appears to be forming a bullish pattern for the near future. They also mentioned that if XRP is successful in breaking above this pattern, it could potentially gain around 14% in price.
As shown in the image, XRP price appears to be completing a symmetrical triangle on the 1-hour timeframe and is currently testing the upper edge of the pattern.
This setup is occurring as XRP has recently bounced off support and the momentum indicators are turning bullish, indicating that traders are monitoring for confirmation of this breakout.
The recent bounce has enhanced the near-term technical structure of XRP. Bullish momentum indicators are pushing higher, while additional breakout patterns are being watched for confirmation.
Overall, this XRP Price Prediction suggests that XRP’s technical outlook is improving, although key resistance levels still need to be overcome.
The entire crypto market remains very volatile, and there are many possible outcomes for future price action depending on whether XRP breaks above key resistance zones.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: SEC Approves T. Rowe Price Crypto ETF With BTC, ETH, and XRP
