XRP Price Forecast: Anticipated Developments in the Next 48 Hours

Crypto News- Ripple (XRP) currently ranks fifth among cryptocurrencies by market cap, with a slight 0.96% price drop in the last 24 hours, settling at $0.5103. Despite this, XRP has shown a positive performance over the past week, gaining 6.05%.

XRP Price Forecast: Anticipated Developments in the Next 48 Hours

The 24-hour dip coincided with a 0.55% increase in XRP’s daily trading volume, totaling approximately $1.02 billion. On the 4-hour chart, XRP has formed an ascending price channel over the past two weeks, potentially supporting a move to breach the next resistance at $0.5515 in the next 24-48 hours.

A successful break above this level could lead to further gains, targeting $0.6683 in the coming weeks. However, if XRP falls below the positive price channel within the next 24 hours, it may retest the immediate support at $0.4783 within 48 hours.

Failure to hold this level might lead to a further decline to the next support at $0.4120. On the daily chart, a symmetrical triangle pattern suggests an imminent breakout. An upward breakout could turn $0.5515 into support, propelling XRP to $0.6683.

Bullish indicators include support from the 9-day and 20-day EMA lines, with a potential short-term shift in momentum as the 9-day EMA approaches the 20-day EMA. A confirmation of bullish momentum could occur when the 9-day EMA crosses above the 20-day EMA.

Traders may watch for a break above the 50-day EMA line before considering long positions. However, a close below the 9-day EMA line at $0.5052 could invalidate the bullish outlook, potentially leading to a descent towards $0.4120.