As Buyers Struggle To Hold XRP Price, Is A Crash Coming Soon?

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The speculations-driven rally testing the $0.70 neckline fails to assert bullish dominance over the supply zone, leading to a sharp fall in the XRP price. As the buyers fail, the sudden increase in supply pressure plunges the price of Ripple to $0.60.

Moreover, the pullback phase crashes the dream of a rounding bottom breakout, but the buying activity at lower levels teases a comeback. Therefore, the Ripple price prediction keeps a bullish perspective for the rest of 2023 and remains optimistic for a bull run to $1. 

Source – Tradingview

In the 1-Day chart, the falling XRP price from the $0.70 supply zone takes support at the 50-day EMA. The downtrend accounts for a 13% discount in the last 15 days, leading to a falling channel pattern. 

With the buyers sustaining dominance over the 50D EMA, the Ripple trend bounces back and sustains above the $0.60 mark. Further, the uptrend eyes challenge the overhead supply at $0.70 for the third time in the past 6 months. 

The bullish recovery from the 50D EMA teases a bullish continuation pattern called as the cup and handle pattern in the 1D chart. With a neckline coinciding with the $0.70 supply zone, the sideline buyers anticipate a bull run to $1, if buyers manage to push through it.

Currently, the XRP price is trading at $0.623 and challenges the overhead trendline of the short-term falling channel. 

Technical Indicators:

MACD indicator: The MACD and signal lines show some signal of bullish reversal and tease a positive crossover. With the declining trend in bearish histograms, the momentum indicator projects a high likelihood of a bullish comeback. 

EMA: The bullish support at the 50D EMA turns the tide upwards and helps sustain the XRP price above $0.60.

Will The XRP Price Reach $1?

In the short-term viewpoint, the falling channel breakout will prove crucial in further predictions of a bull run. This is because the channel breakout will increase the likelihood of a cup and handle breakout with a neckline at $0.70. Once the breakout rally crosses $0.70, the chances of a price jump to $1 will improve significantly. 

Conversely, a reversal within the channel or from $0.70 can result in a drop to the $0.58-$0.60 mark.