$XRP
🚨 XRP Price Prediction: What’s Next? 🚨
On the daily chart, XRP price created a bullish engulfing candle due to the 10% rally noted on May 8. This marks the exit of the token from a multi-month declining channel that saw the token drop from $3.40 to $1.60. However, the recovery since the aforementioned swing low has been stellar.
With a daily candelstick closing above the channel’s upper trendline, XRP price will attempt to scale higher. The key levels to watch include the 23.60% Fibonacci level at $2.70, followed by $3.67 and $4.59. While a target above $4.59 is exaggerated as of now, investors should pay attention to it regardless.
While the channel breakout is bullish, the Supertrend indicator is yet to flip bullish. This will happen if XRP flips $2.35 resistance level into a support floor.
The daily chart shows the MACD indicator has remained bullish since its bullish crossover in early April. Due to the recent volatility, there have been a few false signals, but this metric remains optimistic and supports a potential rally for XRP.
On the flip side, a breakdown of the $2 support level will create a lower low and hint at a correction due to the breakout of bullish market structure for the XRP price. In such a case, investors need to pay attention to the $1.79 support level that has previously protected the price from sliding lower.
