XRPย Rippleย (XRP) Price prediction May 24, 2023: The cryptocurrencyย market witnessed a sudden uptick today and printed a green candle on the bulkย of major digitalย currencies.
Nonetheless, the XRPย Rippleย (XRP) price shows an intraday loss of 0.17 percent indicating the sellers are having a strong grip on this cryptoย altcoin. This red candle formed at a critical resistance suggests the bears are likely to prolong the correction phase lower.
XRPย Rippleย (XRP) Price Daily Chart
The XRPย Rippleย (XRP) price asย ofย 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 cryptoย altcoin duringย theย previous two months, offering bears an excellent opportunity to sell on a positiveย 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 XRPย Rippleย (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 XRPย Rippleย (XRP) Price Plunge to $0.37?
A bearish from the resistance trendline of the channel pattern usually triggers a downfall to the lower trendline, Thisย isย why, with sustained selling, the XRPย Rippleย (XRP) price isย veryย likely show a gradual downfall to $0.375, with minor roadblocks at $0.43 and $0.41.ย
- Supertrend: Regardlessย of theย pastย 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.
