XRP Price Trends Within a Decisive Phase
The XRP price, since the latest pump, appears to have lost track as the trend showcases no bullish momentum. However, the current price chart suggests, a significant breakout may be fast approaching in the coming hours.
The XRP bulls are all set to pump the price to cross the strong resistance levels around $0.47 which is a crucial hurdle as per an analyst, TOP AIM STOCKS
$Ripple $XRP bulls prepare for a bumpy road $0.47 be the key hurdle
Momentum indicator suggests further recovery from three-week-old support
61.8% Fibonacci retracement channel resistance line will test buyers before 200-bar SMA
One month ascending trend line adds to the support pic.twitter.com/axBAOJuLEt
— TOP AIM STOCKS (@smallcappick) March 1, 2021
As per the analyst, the current gained momentum suggests a pretty decent recovery which might assist to uphold from the three-week old support levels around $0.395. Also the 4-hour XRP chart suggests a probable V-shaped recovery, which may rally the price close to its lost levels.
On the other hand, an analytics platform WhaleAlertwhich records some big and interesting transactions put out a tweet. According to the tweet, nearly 500 million XRP worth nearly $206 million has been unlocked from the Ripple Escrow wallet. Therefore, as a result, the price may experience a pullback yet another time.
Also Read: Top 5 Reasons XRP Could Hit $1 This Year
XRP Price Analysis
The price experienced a steep dip during the previous trading day, where-in the price plunged from $0.45 to as low as $0.38. Regaining the bullish momentum, the price entered the recovery phase in the early trading hours.
The price is, however, on the verge of smashing the neckline of the probable inverted head and shoulder pattern. Once the neckline of the pattern is broken successfully which is trending around the current levels at $0.42989, a significant breakout is imminent.
At the time of writing, the XRP price is $0.4255 with a jump of nearly 3.70% in the last 24 hours.
- The resistance levels stand initially at $0.45 and later at $0.48
- The support levels are around $0.39
- The indicators for XRP price are currently neutral