Will strong supply at $0.62 push XRP price down to $0.53?
In a crypto market crash, the top altcoins record massive intraday drops, indicating a run of FUD. However, XRP's price is showing significantly less decline and lower price rejection, hinting that the altcoin is poised for a recovery.
Will XRP price remain untouched by the broad market sell-off and heat up to the $1 psychological mark? So, let's take a closer look at the technical chart and find out the chances of the XRP price forecast hitting $1.
Wedge Breakout Run for XRP Continues to Struggle
The XRP price chart shows a bullish trend, clearing several bullish highs on the daily chart. With a wedge flash above the 50D EMA and the 50% Fibonacci level, the altcoin records a 45% increase in three weeks.
Marketing perspective
Following a quick post-test reversal from the 50% Fibonacci level at $0.57, XRP price is up 7% in six days. As Morning Star starts a new rally, the upside change will face resistance from the previous swing high at $0.62.
At a market price of $34.14, the price of XRP is trading at $0.60294 and a fall of 1.48% on the day. In addition, the formation of a long tail in the inner candlestick indicates strong interest at lower levels.
Marketing perspective
On the 4H chart, the recovery rally forms a bullish wedge pattern with multiple low-price rejection candles near the support trendline. Furthermore, the 50 EMA cements the support trend and increases the chances of an upside.
Technical indicator:
RSI: The daily RSI line shows a sideways trend near the overbought limit.
EMA: The breakout in the 50D EMA teases a possible golden crossover with the 200D EMA.
Will the price of XRP continue to rise?
The price of XRP may continue to rise by staying above the 50% Fibonacci level. However, as a rising wedge generally warns of bearish results, lower price declines at the 50 EMA on the 4H chart are critical.
A breakdown of the previous swing high at $0.62 will determine the price of XRP. Further, the next targets are $0.65 and $0.72. On the downside, support levels are at $0.57 and $0.53.
