XRP Price Analysis: Despite the aggressive crackdown on the crypto market by the US SEC, the XRP price shows a promising bullish outlook by sustaining its higher levels. Amid the intense sell-off on June 5th and 10th, the falling altcoin shows a sharp reversal at the same level of $0.486, indicating buyers are not allowing the price to fall below this level. Thus, the $0.486 level stands as a crucial level to sustain recovery sentiment among market participants.
Also Read: XRP Price Ready to Soar 45% as Market Anticipates the Hinman Docs Today in Ripple vs. SEC
XRP Price Daily Chart:
- The $XRP price obtains strong support from the $0.486 level
- A potential breakout above $0.55 resistance could kickstart a massive recovery
- The intraday trading volume in the XRP is $1.5 Billion, indicating a 33% gain.
Source- Tradingview
Within a fortnight, the XRP price rebounded twice from the $0.486 support level. These two reversals show the formation of a double bottom pattern in the daily time frame chart. This chart formation is a sign of strong accumulation from buyers at particular support.
The last reversal from the $0.486 mark has surged the prices by 15.6% where it currently trades at the $0.558 mark. This rally shows a breakout attempt from the $0.55 neckline resistance, offering an entry opportunity to traders.
However, the $0.55 is a multi-month barrier that undermined several attempts from buyers to start a sustained bullish run. A potential breakout above this forbidden barrier with daily candle closing is needed to intensify the buying momentum that may push the price above $0.6
Will XRP Price Reach $0.6?
The XRP price impressively withstand the recent sell-offs in the crypto market and held its ground at crucial support. In addition, the bullish pattern formation could bolster buyers to breach the $0.55 resistance, setting a potential rally to the $0.6 psychological barrier. However, in case the buyers failed to do so, the XRP price could prolong its current consolidation phase for a few more days.
- Exponential Moving Average: The 20-and-50-day EMA has proven to be excellent support during the minor pullback in the current recovery phase.
- Vortex Indicator: The VI+ and VI- slope prevented a bearish crossover despite the increased bearishness in the market, indicating the overall sentiment among trades remains bullish.
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