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- XRP experienced a breakdown from a symmetrical triangle pattern but maintained strong support at $0.50, preventing a significant drop.
- The high trading volume during the breakdown indicates strong bullish interest in defending the $0.50 level.
- Despite the current bearish sentiment, XRP is predicted to rise by 20.76% to approximately $0.625 by mid-June 2024.
XRP recently faced a breakdown from a symmetrical triangle pattern, typically a bearish signal suggesting further decline. However, this potential drop has been mitigated by robust support around the $0.50 mark.
The cryptocurrency’s price managed to avoid significant losses due to this critical support level, despite the bearish pattern that usually indicates continued downward movement. During this breakdown, XRP saw a surge in trading volume, highlighting the bulls’ commitment to defending the $0.50 support level. Additionally, both the 50-day and 200-day moving averages are converging above the current price.
Technical indicators present a mixed picture. The Relative Strength Index (RSI) hovers around 40, indicating that XRP is not yet in oversold territory. This suggests there might still be room for further downward movement before a potential rebound. However, the strong resilience at the $0.50 level hints at a possible consolidation phase before any significant price change occurs.
Conversely, if XRP fails to hold the $0.50 support, the price could decline further, possibly testing lower support levels around $0.45. This scenario would align with the bearish sentiment currently prevailing in the market.
According to CoinCodex’s XRP price prediction, the cryptocurrency is expected to rise by 20.76% and reach approximately $0.625 by mid-June 2024. Despite the bearish sentiment, the Fear & Greed Index reflects a score of 70, indicating a market characterized by greed. This suggests that investor sentiment may still hold optimism for a price rebound in the near future.