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?

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