As Bitcoin price stabilizes above the $25K demand belt, the XRP price makes a comeback above the broken $0.50. With a 1.48% jump on the weekends and an intraday growth of 0.79% today, the XRP price trades at $0.50867.
Meanwhile, the market sentiments may soon recover with the overall stronger position of Ripple labs and the SEC losing battles on multiple fronts. However, the 1-day Ripple price chart displays multiple bearish obstacles in the recovery pathway. Will XRP price manage a bounce back to $1 in 2023?
Will XRP Buyers Prevent The Seemingly Inevitable Death Cross?
As the entirety of the partial victory gains against the SEC seems like a distant past, the XRP price is back under $0.50 within two months. Breaking multiple support levels and creating lower highs, the crypto price action gives rise to a solid resistance trendline.
Trading below the 200-day EMA, the XRP coin price makes a comeback from $0.48 to challenge the overhead resistances with a triple white soldier pattern. Meanwhile, the morning star pattern at $0.48 adds brownie points to the recovery rally.
However, the declining 50-day EMA approaching the flatlined 200-day EMA warns of a death cross. With a death cross, the Ripple price trend will be under certified downtrend.
A deeper look into the Potential XRP Price Moonshot?
Within the 4-hour chart, the bounce-back rally in Ripple price faces opposition from the 50-day EMA. If the buyers manage to overcome the exponential moving average, the breakout rally will finally challenge the resistance trendline.
Optimistically, if Ripple overcomes the bears’ dominant trendline, the XRP Price is set to skyrocket to the moon. The breakout rally will reach the $0.60 mark.
On the other hand, if the price continues to drop below $0.50, it could mean a much bigger drop is coming. The next support levels are at $0.45 and $0.41.