The post <a href="https://coinpedia.org/price-analysis/will-the-intense-supply-at-0-62-drop-the-xrp-price-to-0-53/" rel="noopener noreferrer nofollow">Will The Intense Supply At $0.62 Drop The XRP Price To $0.53?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
In the crypto market crash, the top altcoins register a massive intraday drop, signaling a FUD run. However, the XRP price shows a significantly lesser drop and a lower price rejection, hinting the altcoin is ready for a bounceback.&nbsp;
Will the XRP price remain unaffected by the broader market sellout and heat to the $1 psychological mark? So, let’s take a closer look at the technical chart and figure out the <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" rel="noopener noreferrer nofollow">XRP price prediction</a> chances of hitting $1.&nbsp;
<h2 class="wp-block-heading" id="h-wedge-breakout-run-for-xrp-continues-to-struggle">Wedge Breakout Run For XRP Continues To Struggle</h2>
The XRP price chart shows a bullish trend in the daily chart clearing multiple bullish milestones. With a wedge breakout, surpassing the 50D EMA and the 50% Fibonacci level, the altcoin registers a 45% surge within three weeks.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf1TKVElOK9u6SQi4PqKLgEm-VoElGSG3KQJyvbDHZrHfBejtRVHahqVfOgKcZB_o_J0lIuQ65udUvEyCyAP7bTHv8gADNV0rRdjVWnr_sjFWu1LvCversTyPrUbXmozepNHOlWRr8tl1DIGd9T6nLcPlQq?key=E-A89DOYUzf0c8F9snyBEA" alt="">
</figure>
<a href="https://www.tradingview.com/x/kXdRoVbr/" rel="noopener noreferrer nofollow">Tradingview</a>
Bouncing back with a quick post-retest reversal from the 50% Fibonacci level at $0.57, the XRP price has increased by 7% in six days. With the morning star kickstarting a new rally, the uptrend faces opposition from the previous swing high at $0.62.
With a market cap of $34.14, the XRP price trades at $0.60294 and an intraday fall of 1.48%. Further, the long-tail formation in the intraday candle reveals a strong underlying demand at lower levels.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcusMmB8LX5wXuczA7ZXy7emKgvXeue1iyu_-ITsqFyIyjgT8GgMfkxK6YM5he6f6ymoD8aMIv6gePyzXQ-IpjxHl2RTn5aLs0LV8uVU2RpEi1fDoA-3yQ2VMs605lPhc4ZFtL5XbGulegC1lLuO3mCf-cJ?key=E-A89DOYUzf0c8F9snyBEA" alt="">
</figure>
<a href="https://www.tradingview.com/x/mEiAgLSj/" rel="noopener noreferrer nofollow">Tradingview</a>
In the 4H chart, the recovery rally forms a rising wedge pattern with multiple lower-price rejection candles near the support trendline. Further, the 50 EMA cements the support trendline, increasing the chances of an uptrend.&nbsp;
Technical Indicator:
RSI: The daily RSI line shows a sideways trend near the overbought boundary.&nbsp;
EMA: The uptick in the 50D EMA teases a potential golden crossover with the 200D EMA.&nbsp;
<h2 class="wp-block-heading" id="h-will-xrp-price-sustain-the-uptrend">Will XRP Price Sustain The Uptrend?</h2>
The XRP price is likely to continue upwards, maintaining above the 50% Fibonacci level. However, as a rising wedge generally warns of a bearish outcome, the lower price rejections are crucial at the 50 EMA in the 4H chart.&nbsp;
A bullish breakout of the previous swing high at $0.62 will determine the uptrend in XRP price. Further, the next targets are $0.65 and $0.72. On the downside, the support levels are at $0.57 and $0.53.

Will The Intense Supply At $0.62 Drop The XRP Price To $0.53?

Table of Contents

CoinPedia News

Other articles published on Jul 25, 2024

WazirX finds no evidence of compromised devices after preliminary investigation

Why Whales Accumulated Bitcoin During The Drop?

Australia’s Big Banks Block Crypto Payments Amid Rising Crypto Popularity

New Memecoin Pepe Eats Solana Will Skyrocket 19,000% Before Exchange Listing, While SHIB and DOGE...

Catizen token price rises in pre-market ahead of airdrop

Bitcoin, Ethereum, and beyond: All about Hashdex’s new crypto ETF

Join our free newsletter for daily crypto updates!