XRP to rise by 12% if ceiling is broken.
The value of XRP increased after surpassing the $0.50 mark, but it has recently declined again. After analyzing the daily chart, the altcoin has depreciated by approximately 3%, while the weekly chart shows an appreciation of about 6%.
According to the technical outlook for XRP, there is a bearish bias due to a decrease in demand and accumulation shown on the chart. The buying strength has weakened following the coin’s drop below the $0.50 threshold.
When Bitcoin entered the $30,000 price range, other major altcoins also began to appreciate on their respective charts, but remained constrained beneath immediate resistance levels. Therefore, it is crucial for XRP to surpass the $0.50 mark to enable an upward movement.
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Currently, the $0.50 price level acts as a significant barrier that needs to be converted into immediate support. If the altcoin manages to consistently trade above $0.50 for a substantial number of sessions, it may initiate a rally.
The market capitalization of XRP has also declined, indicating a decrease in buying strength.
XRP Price Analysis: One-Day Chart
After failing to maintain a price above $0.50, the altcoin was trading at $0.49. With a small boost from buyers, there is potential for the altcoin to once again surpass the $0.50 threshold.
An important resistance level for XRP is situated at $0.53. If this resistance is overcome, XRP could make an attempt to trade above $0.56, resulting in a significant 12% rally.
Conversely, a decline from the current price level would bring XRP down to $0.47. The volume of XRP traded during the last session was in the red, indicating that selling pressure outweighed buying pressure.