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Can XRP Break Out of the Falling Wedge?

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XRP

XRP is the third largest cryptocurrency by market cap, which currently sits at around $13.5 billion. The coin also has a price of $0.325316 at the time of writing, after seeing a significant price correction of 4% in the last 24 hours.

Just like many other cryptocurrencies, XRP has seen massive losses during the 2018 bear market. However, this falling wedge seems to have seen a real breakout in 2019, as the crypto winter started to let go, and a lot of coins saw significant price recoveries.

XRP’s falling wedge was much more difficult to stop, which can be seen on its long-term chart. But, the recent bull runs allowed numerous cryptocurrencies to finally see growth, and XRP is definitely one of them. The charts also show that the coin’s falling wedge has seen a breakout, which is an excellent thing for the future of XRP’s price.

However, for the coin’s price to truly turn and stay bullish, XRP needs to see larger volumes. The experts believe that this is the key for a new rally, one which would allow XRP to reach true recovery.

XRP price performance and predictions

As mentioned, XRP had struggled to start growing even when most other cryptocurrencies were drawn in a number of bull runs. While the coin has been acting the same as others until mid-February, it is clear that the bull runs that came around this time had a lesser effect on XRP than they did on most other coins. Apart from one big surge that included even XRP, on February 18th, the coin was mostly going down.

Whenever there was a bull run, XRP would start joining in at the last second, which prevented it from seeing major gains before the correction would take place. The coin also mostly ignored rallies that took place in March, prevented from going up by a strong resistance at $0.32, while its strongest support held at $0.30.

This all changed on April 1st when XRP saw a massive spike up — one which was mirrored by nearly every other coin on the market. Bitcoin itself surged by around $1,000 on this occasion, and while XRP’s growth was nowhere near as big, the coin still managed to break through multiple resistances and reach $0.372 by April 3rd. This was the breakout that the XRP community was waiting for, one that allowed the coin to finally move away from the resistance level at $0.32.

However, XRP soon saw a correction as well, dropping below $0.36. After spending days just below this level, its price started seeing another large decline on April 10th, when it attempted to break this resistance. The price rejection forced XRP down, and the only thing stopping the coin from seeing even larger drops now is its resistance-turned-support at $0.32.

Interestingly enough, XRP trade continues to remain quite high, with a daily volume of $1.38 billion. However, this is still not enough for the volume-driven rally, which is necessary for the coin to continue its growth. If such a rally were to arrive, and if the volumes did go up, it is believed that XRP could potentially even double its price with ease. While the coin is currently pretty much back where it started on April 1s, this might not be the end, as the market is generally still considered bullish at the moment.

The correction will pass soon enough, and the coins will see growth once again, and that will be XRP’s chance to surge back up and break through its resistances, with the largest ones being at $0.36, $0.39, and $0.46.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Dogecoin Price: Buy the Dip or Sell the Rip?

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Dogecoin price has been range-bound for the past few days as investors weigh up the recent banking crisis on fears that the global economy may be headed into a recession. The meme coin has jumped by more than 3% in the past week and gained 7% in its year-to-date price. Dogecoin ranks as the 8th largest cryptocurrency by market cap after Cardano and before Polygon.

Fundamentals

Dogecoin price was trading in the red on Friday, wiping its gains from Thursday’s trading session. The coin has been under pressure for the past month as many investors seem to be backing out of their investments in the altcoin. Elon Musk, CEO of SpaceX and Tesla recently showed a loss of enthusiasm for the meme-inspired cryptocurrency as he expressed his new interest in AI.

Elon Musk’s tweets have always had a substantial impact on the Dogecoin price. Earlier this month, Musk took to his Twitter to announce that he had lost his interest in crypto and gained a newfound interest in AI. His remarks saw the DOGE price dip by nearly 5%, contributing to the significant decline in the coin’s price this month.

The global crypto market has been holding steady above the crucial $1 trillion level for the past few days. At press time, it was at $1.16 trillion, a 0.31% decrease over the last day. The total crypto market volume slipped by 13.78%. More specifically,…

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Ethereum Price Dips as Markets Digest Latest Fed’s Interest Rate Decision

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Ethereum price has been hovering around its highest level in 7 months for the past few days amid a boost in the crypto market. ETH has jumped more than 49% in its year-to-date price, increasing 5% in the past week. Ethereum’s total market cap has slipped by more than 3% over the last day, while the total volume of the altcoin traded increased by more than 6%.

Fundamentals

Just like most cryptocurrencies, Ethereum price found support in the recent fiasco in the banking sector. The recent vulnerability in the banking sector pumped liquidity in the global crypto market as investors shifted to other assets such as cryptocurrencies. Bitcoin, the largest cryptocurrency by market cap, saw its price hit its highest level in 9 months, while Ethereum jumped to a 7-month high.

The global crypto market was in the red later on Wednesday as investors chewed on the Fed’s latest interest rate decision. The Federal Open Market Committee (FOMC) announced on Wednesday a 25-basis point hike in the federal funds to 5%, down from 4.75%.

According to a statement by the US Federal Reserve, the FOMC remains highly attentive to inflation risks as it seeks to achieve an inflation rate of 2%in the long run. The Committee also announced that it anticipates additional policy firming to help in attaining a stance of monetary policy to aid in achieving the 2% target.

According to the Fed’s…

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Altcoins

Solana Price: Technicals Point to a Sell

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Solana price joined in on the recent rally in the global cryptocurrency market, jumping nearly 17% in the past week. Solana has made substantial gains this year, climbing 102% in its year-to-date price. SOL ranks as the 11th largest cryptocurrency after Binance USD and ahead of Polkadot. Despite the altcoin’s recent rally, the total volume of the coin traded has continued to dwindle.

Fundamentals

Solana price was trading slightly higher on Friday as Bitcoin and other altcoins extended their rally despite the bank contagion fears weighing on the markets. Bitcoin and Ethereum have been leading the recent rally in the market, jumping more than 30% and 20% in the past week, respectively.

Investors have welcomed the resilient crypto prices amid the recent crisis in the banking sector this week. The week started with the collapse of Signature Bank and Silicon Valley Bank on Sunday until the focus shifted to Credit Suisse and First Republic Bank. Traders have been digesting the fate of Credit Suisse even after the bank said that it would borrow up to 50 billion Swiss Francs from the Swiss National Bank.

Several analysts have linked the recent rally in the crypto market to lingering bank worries. Even so, crypto prices are heavily influenced by inflation and the Federal Reserve interest rate hikes. According to analysts, the recent decline in banking stocks points to the vulnerability of traditional institutions, raising liquidity concerns…

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