XRP Price jumped 7%; Keep XRP crypto on radar, Know why?

• XRP Price jumped 7% on a weekly basis and formed a bullish engulfing candle.
• The XRP Price Prediction suggests a rise and long term outlook remains bullish. 
• The price of XRP crypto holds the 200 day EMA.

XRP Price jumped 7% on a weekly basis and formed a bullish engulfing candle. It shows the signs of bullish trend reversal and buyers are returning back to track. XRP crypto defended the $0.4000 support and managed to push the price above the 200 day EMA. It indicates the positional trend is still in the upward direction. 

XRP Price prediction suggests a rise and the long term outlook favors the bulls. However, the prices had not performed well in the past year and consolidated in a wide range. It has tried multiple times to break the $0.5500 hurdle but gets rejected. Therefore, strong sellers are active on higher levels and it will be difficult for bulls to expand upside. 

It is trading at $0.4541 with an intraday rise of 2.62%. The 24 hour volume to market cap ratio is 0.0545. At the mid of March, XRP crypto witnessed a massive spike in the buying volume and prices surged 25% on a single day. It displayed a golden crossover and prices continue to rise by forming higher highs. 

Later, XRP Price reached the supply zone at $0.5500 and began to consolidate in a hope of range expansion. Sadly at mid of April, Prices witnessed minor profit booking and reverted in a downward direction.

Will XRP Price test the previous swing high?

XRP Price took support near to $0.4000 and buyers did not allow the price to slip further down. It shows responsive buyers are also active at lower levels and downside seem to be limited. 

Till XRP Price sustains above the $0.3500 support any short term correction will have high probability of bounce back. However, the price will pick up the momentum when buyers succeed to break the $0.5500 hurdle. Till then it is expected to consolidate in the range mentioned in the chart. 

On the other hand, if the price drops below the $0.3500 then it may raise concern for the long term investors. The technical analysis suggests, XRP defends the demand zone and if price sustains above both EMAs then it might test the previous highs. 

XRP crypto price lacked downside momentum

XRP crypto is near to its previous breakout level and bears seems to be lacking the downside momentum. Price formed Doji candle denotes it lacked the direction and likely to consolidate for some more time. 

The technical indicators like MACD have generated a fresh positive crossover and the curve is reversing upward. It indicates  prices are likely to trade with bullish bias and momentum might continue. The RSI at 48 sloping upward denotes neutral territory and equal level of tug of war between buyers and sellers. 

Conclusion

XRP Price jumped 7% on a weekly basis and took a U-turn from the demand zone. It shows the initial signs of bullish trend reversal. Keep XRP crypto in radar till it trades above 200 day EMA. The technical analysis says, If its Price climbs above both the EMA’s then probability of testing the previous swing high will increase. 

Technical levels

Resistance levels : $0.5000 and $0.5600

Support levels : $0.4000 and $0.3500

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.