XRP is the third largest cryptocurrency by market cap and currently stands at around $ 13.5 billion. At the time of publication, the coin was priced at $ 0.325316 after a significant 4% price correction over the last 24 hours.
Like many other cryptocurrencies, RFA suffered massive losses during the 2018 bear market. However, this falling wedge seems to have experienced a real eruption in 2019, as the crypto winter began to let go, and for many coins it meant significant price rallies.
The falling wedge of the XRP was much harder to stop, which can be seen on the long-term chart. In the recent bull runs, many cryptocurrencies have finally seen growth, and XRP is definitely one of them. The charts also show that the falling wedge of the coin has broken out, which is an excellent thing for the future of the XRP award.
However, in order for the price of the coin to really turn round and remain bullish, the XRP must achieve larger volumes. The experts believe that this is the key to a new rally that would allow the RFA to achieve a true recovery.
XRP Price Development and Forecasting
As mentioned earlier, XRP had problems growing, even though most other cryptocurrencies were pulled in multiple bull runs. While the coin behaved in the same way as other coins until mid-February, it is clear that the bull runs that came at that time had less effect on the RFA than on most other coins. Apart from a big climb, which even included XRP, the coin went down on February 18 for the most part.
Whenever there was a bull run, the XRP would join at the last second, which meant that it could not make big profits before the correction would take place. The coin also ignored the rallies that took place in March by a strong resistance at $ 0.32, while the strongest support remained at $ 0.30.
It all changed on April 1, when the XRP rose massively – one that was reflected in almost every other coin on the market. Bitcoin itself rose about $ 1,000 on that occasion, and while the growth of XRP was not nearly as big, the coin managed to break some resistance and reach $ 0.372 on April 3. This was the outbreak that the XRP community had been waiting for, one that allowed the coin to move away from its resistance level at $ 0.32.
However, the XRP soon saw a correction that fell below $ 0.36. After spending days just below this level, his price on April 10 began to drop sharply again as he tried to break that resistance. The price refusal forced the XRP down, and the only thing keeping the coin from seeing even larger slumps is the resistance's support at $ 0.32.
Interestingly, XRP trading, with a daily volume of $ 1.38 billion, remains fairly high. However, this is not enough for the volume-driven rally, which is necessary for the further growth of the coin. Should such a rally arrive and volumes rise, it could be expected that XRP could easily double its price. The coin is currently pretty much where it started on April 1st. However, this may not be the end, as the market is currently considered bullish.
The correction will soon pass, and the coins will start to grow again, and this is the XRP's chance to resurface and break through its resistance, with the largest being 0.36, 0.39 and 0.46.
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Disclaimer: This article should not be construed as investment advice and is not intended. Global Coin Report and / or its affiliates, employees, authors and subcontractors are cryptocurrency investors and may or may not occasionally hold interests in any of the coins or tokens they cover. Please do your own research before investing in cryptocurrency and read our full disclaimer.
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