XRP: Will It Crash to $0.375 or Skyrocket to $0.48?

XRP: Will It Crash to $0.375 or Skyrocket to $0.48?

Learn about XRP price prediction for May 24, 2023, as the cryptocurrency market experiences an uptick, but the XRP price faces a strong grip from sellers and may extend its downward trend until the falling channel pattern is intact.

XRP Ripple (XRP) Price prediction May 24, 2023: The cryptocurrency market witnessed a sudden uptick today and printed a green candle on the bulk of major digital currencies.

Nonetheless, the XRP Ripple (XRP) price shows an intraday loss of 0.17 percent indicating the sellers are having a strong grip on this crypto altcoin. This red candle formed at a critical resistance suggests the bears are likely to prolong the correction phase lower.

XRP Ripple (XRP) Price Daily Chart

  • The XRP Ripple (XRP) price may extend its downward tendency until the sliding channel pattern is intact
  • A breakout from the upper trendline of the channel pattern will offer a long entry opportunity to traders.
  • The intraday volume of trading in the XRP Ripple (XRP) is $513.4 Million, indicating a 15 percent loss.
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    The XRP Ripple (XRP) price as of now trades at the $0.46 mark and shows a bearish hammer candle at the resistance trendline of the channel pattern. This chart setup has been carrying a correction phase in this crypto altcoin during the previous two months, offering bears an excellent opportunity to sell on a positive  tendency upswing.

    The coin price has bounced thrice from both the downsloping trendlines of this pattern validating its influence on market participants. Consequently, if broader market sentiment experienced any bearishness, the XRP Ripple (XRP) price is more likely to revert lower.

    A potential bearish reversal would tumble the prices 18-19 percent lower to hit the support trendline at $0.37. Conversely, interested investors waiting for an entry opportunity must wait till the price breach the channel pattern on the upside.

    Will XRP Ripple (XRP) Price Plunge to $0.37?

    A bearish from the resistance trendline of the channel pattern usually triggers a downfall to the lower trendline, This is why, with sustained selling, the XRP Ripple (XRP) price is very likely show a gradual downfall to $0.375, with minor roadblocks at $0.43 and $0.41. 

    • Supertrend: Regardless of the past few recovery, the Super tendency indicator reflects a red film suggesting the market sellers pose an upper hand
    • Moving Average Intersection Divergence: A wide gap betwixt the MACD (blue) and signal(orange) line in a bearish alignment signifies the buyers are wrestling to take tendency control.
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