XRP Price Dump Soon To Hit $0.50, Should You Buy The Dip?

With the Bitcoin price stuck at $64K, the top altcoins are taking a hit this week as the broader market loses momentum. Amid this, the XRP price jump quickly reverses for a 12% drop and heads to a psychological support at $0.50.

Will this bearish reversal amid broader market slowdown undermine the recent breakout rally for XRP HODLers? More importantly, will the uotrend continue to hit $1? For a longer-term prediction, check out our XRP price prediction.

Breakout Run Takes A Halt

Trading at $0.54, the XRP price reveals a quick and intense correction phase starting from the $0.62 level. Further, the correction puts stress on the massive 50% rise which led to a bullish breakout of a falling wedge pattern. 

Tradingview

Failing to reach the peak of the falling wedge pattern reveals a sudden pullback for the altcoin and warns of further correction. Furthermore, the XRP price now struggles to find a strong weekly closing as the higher price rejection undermines the bullish dominance slightly. 

With a market cap of $30.74 Billion, the XRP token has a 24H trading volume of $2.25B which is down by 42%. The lack of support in trading volume during the pullback phase lights a bullish reversal chance.

Technical Indicator:

MACD: With a positive crossover in the MACD and signal lines, the XRP token maintains a positive outlook for the days ahead. 

Will XRP Price Hit $1?

Reversing from the overhead pivot at $0.62, failing to sustain the bull cycle, the increasing supply pressure declines market value of XRP. Further, with the second consecutive intraday candle, the XRP price warns of a continued selling spree. 

With the next support at $0.51 and the $0.50 psychological demand level, the bullish hope of revival finds a final resort. Further, a bounce back in XRP could test the $0.62 and $0.72 peak if the uptrend continues.

Conversely, a slip below $0.50 could retest $0.38.