Gemini

Bitcoin

Reversal

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/PzwTvoA1-e1705944661308.png" class="attachment-full size-full wp-post-image" alt="XRP Price chart" decoding="async" style="float:right; margin:0 0 10px 10px;">
The crypto market has undergone a correction phase over the last two weeks, influenced by <a href="https://coingape.com/grayscale-brings-new-twist-to-spot-bitcoin-etf-marketing-war/">Grayscale’s liquidation</a> of its Bitcoin holdings. XRP, the sixth largest cryptocurrency, has also been impacted, witnessing a price drop from $0.62 to $0.528, resulting in a 15% loss. However, this recent decline, which brings <a href="https://coingape.com/xrp-whale-offloads-26-mln-tokens-price-decline-to-continue/">XRP</a> close to its yearly support level, could potentially revive buying interest in the asset, offering it an opportunity to recover and aim for higher price levels 
<h2 id="b-why-xrp-price-is-poised-for-bullish-reversal-b">Why XRP Price Is Poised for Bullish Reversal</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The XRP price will remain in a sideways trend trend until the triangle pattern is intact.</li> 
 <li style="font-weight: 400;" aria-level="1">The coin buyers may witness highlighted demand pressure at the lower trendline of the triangle pattern.</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the XRP is $947 Million, indicating a 69% loss.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/p/PzwTvoA1.png" alt="XRP Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 XRP Price| TradingView Chart
 </figcaption>
</figure> 
The <a href="https://coingape.com/price/xrp/">XRP price</a> has experienced a gradual recovery since early 2023, supported by an ascending trendline. This trendline has effectively provided support during significant market downturns, encouraging buyers to maintain an upward trajectory.&nbsp; 
Notably, the coin has rebounded from this rising trendline on three occasions, demonstrating continued investor interest in acquiring XRP during dips—a clear indication of bullish sentiment. 
<blockquote>
 As of the latest data, XRP is trading at $0.527, reflecting a 3.5% decline on the day. If the current selling pressure persists, the coin’s value might further decrease by approximately 2.5%, potentially reaching the lower trendline at around $0.512.&nbsp;
</blockquote> 
Should <a href="https://coingape.com/xrp-ledger-xrpl-l2-evernode-hits-major-node-issue-whats-happening/">XRP</a> maintain its position above this support level in the forthcoming days, investors can anticipate an additional upward movement, continuing the existing sideways trend. 
For XRP to embark on a steady recovery path, it’s crucial for buyers to overcome two key resistance trendlines, depicted as blue and green in the accompanying chart. A decisive break above these trendlines would indicate an end to the ongoing consolidation phase and signal the beginning of a new phase of recovery 
<h2 id="b-key-levels-to-watch-b">Key Levels to Watch</h2> 
If XRP price breaks above its overhead trend line, it could trigger increased buying, potentially driving prices to $0.70 and $0.75. Conversely, a break below the lower trend line might signal a bearish shift, possibly pushing prices down to $0.47 and $0.42, as sellers gain dominance in the market. 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The XRP price trading below both the 50 and 200-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/">EMA</a> indicates a sideways to bearish market sentiment</li> 
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: the ADX slope at 29% points towards an aggressive bearish momentum, further solidifying the prevailing downward trend.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/xrp-ledger-xrpl-l2-evernode-hits-major-node-issue-whats-happening/">XRP Ledger (XRPL) L2 Evernode Hits Major Node Issue, What’s Happening?</a></li> 
 <li><a href="https://coingape.com/xrp-campaign-by-gemini-fuels-speculation-of-major-development/">XRP Campaign by Gemini Fuels Speculation of Major Development</a></li> 
 <li><a href="https://coingape.com/sec-vs-xrp-ripple-fights-back-against-secs-late-discovery-demands/">SEC vs. XRP: Ripple Fights Back Against SEC’s Late Discovery Demands</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/xrp-price-nearing-accumulation-with-eyes-0-75/">XRP Price Nearing Historical Accumulation Zone with Eyes on $0.75 Target</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP Price Nearing Historical Accumulation Zone with Eyes on $0.75 Target

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