With the bullish fire on the verge of extinguishing, the XRP price makes another attempt to survive above $0.46. Starting a short-term recovery rally, the XRP price is trying to resurface above the 200-day EMA and avoid a death cross.
Moreover, the higher price rejections and the previous downtrend signal a massive overhead supply.
The XRP coin price is trading at $0.49740 with an intraday growth of 1.78%. The bounceback in the Ripple price comes from the demand belt present at the $0.46 mark. With a 4.80% jump this week, the short-term uptrend stands against the massive downfall.
In a David versus Goliath situation, the bulls struggle to reclaim dominance at the $0.50 mark. Moreover, resurfacing above the 200-day is crucial to avoid the death cross. On the other hand, the higher price rejection in the daily candles displays a stronger bearish side.
Nonetheless, the recent bullish spark with the support of RSI divergence reflects a bullish dominance at $0.46.
Technical Indicators:
RSI indicator: Following the bullish divergence, the RSI line spikes from the oversold boundary, reflecting an improvement.
MACD indicator: The indicator maintains a bullish viewpoint with the MACD and signal lines remaining in an uptrend.
Will XRP Price Revamp in 2023?
With the ongoing bullish comeback, the possibility of XRP price resurfacing above $0.50 is improving. However, the multiple bearish oppositions are ready to crush the rally as trapped investors book their profits at slightly higher levels. This can prolong the selling phase.
With social sentiments improving by a win against the SEC or the Bitcoin ETF approval, the XRP will find a pivotal move. This can drive the XRP price higher to $1 by the end of 2023. In the short term, the $0.50 breakout can propel Ripple higher to $0.54.
On the flip side, a slip below $0.46 will crumble Ripple price to $0.42.
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