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XRP PRICE ANALYSIS CMP-$0.4270: Prices are signalling a breakout, prompting bulls to eye a potential rally towards $0.5000

XRP prices have broken through a downward trend line that had been in place since October 22nd, signalling a bullish resurgence.  With the potential for significant gains, now is the time to keep a close eye on XRP and take advantage of any opportunities that may arise.


24 Jan 2023 By : Coin Gabbar
XRP PRICE ANALYSIS C

XRP prices have exhibited a clear indication of a bullish trend, following months of rejection and heavy selling. However, the outlook has finally shifted after the recent breakout of a descending trendline, suggesting an imminent surge in prices.

After a brief two-day pullback, buyers drove XRP above the formidable overhead resistance at $0.42 yesterday, suggesting that any dips are being met with strong buying pressure.

XRP is steadily climbing above the $0.380 resistance zone against the US Dollar, and if it breaks through the $0.4320 resistance zone, it could experience further gains. After establishing a foothold above $0.32, XRP has been on a steady rise against the US Dollar. The price has surged past the $0.35 resistance level, propelling it into a bullish trend.

The bulls have been relentless in pushing the price above the $0.365 level, and XRP has even broken through the $0.40 level. It reached a new yearly high of $0.4328 and is now consolidating its gains, similar to Bitcoin.

The price of XRP/USD is currently trading above $0.380 and the 100 two-hour simple moving average. Moreover, a key bullish trend line is forming with support near $0.408 on the 4-hour chart. The pair is holding steady above the 23.6% Fibonacci retracement level of the upward move from the $0.3655 swing low to the $0.4328 high.

A daily candle close above the $0.0435 resistance will intensify the bullish momentum for further rally, potentially driving the XRP price up by as much as 30% to hit the next crucial resistance of $0.550. Such a post-breakout rally could be a sign of a larger uptrend in the making.

Immediate resistance is located near the $0.432 zone, with the next key resistance situated at the $0.45 level. If the price breaks above the $0.450 resistance, it could potentially surge towards the $0.480 resistance. Further gains could then propel the price towards the $0.50 level in the upcoming trading sessions.

If XRP fails to break through the $0.432 resistance zone, it could trigger a downward correction. The initial support level is near $0.415, followed by the $0.400 and trend line support, which is close to the 50% Fibonacci retracement level of the upward move from the $0.3655 swing low to the $0.4328 high. If the price breaks and closes below the $0.40 level, XRP could experience further losses, potentially even dropping below the $0.365 support.

Price Analysis estimates the XRP's market capitalization to be $21,675,701,865. The coin's 24-hour trading volume is around $1,673,849,512. The market capitalization of XRP has risen by 0.77%. During intraday trading, however, transaction volume climbed by 23.45%.

KEY LEVELS :

RESISTANCE LEVEL : $0.4450-$0.4600

SUPPORT LEVEL : $0.4100-$0.3950

XRP has been trading in an ascending channel pattern for the past few days, and yesterday it broke its long-term bearish trendline and held above it. Will XRP reach $0.500 in the near future? Please leave your thoughts in the comments section below.

WHAT'S YOUR OPINION?

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