XRP Price Prediction: Flag Pattern Hints A 10% Fall; Is It A Good Long Entry?

The XRP price recovery rally takes a short pause, resulting in the formation of a flag pattern. The retracement tumbled altcoin by 35%, reaching the February 24th low($30). The XRP price resonating in the falling channel is expected to recover once the buyers breach the overhead resistance. 

Key technical points: 

  • The daily-RSI slope is poised to enter the negative territory. 
  • The 50-day EMA flipped to a potential resistance
  • The intraday trading volume in the XRP is $3.12 Billion, indicating a 22.08% hike.

Source- Tradingview

The 4-hour XRP/USD chart shows a higher price rejection from the $0.76 resistance level and trendline confluence. Thus, if bears sustain the XRP price at the resistance trendline, the selling pressure would intensify and pull the price to the $0.60 mark upon the fallout of $0.69.

Alternatively, a bullish breakout and closing above the descending trendline could drive altcoin to the $0.895 mark. 

  • Resistance level: $0.85 and $1
  • Support levels: $0.745 and $0.59

Source link:capital.com

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