XRP price has been rising impressively, drawing investors towards the crypto asset. However, these traders might want to brace for a potential pullback following the recent rallies despite the Ripple community preparing for a win against the SEC.

However, traders must note that the market could flip if profit taking takes precedence. The 30-day Market Value to Realized Value (MVRV) ratio rising higher is evidence of the same. Standing above the neutral line, this zone has been synonymous with corrections in the past, and the XRP price could see some decline.

Akin to the MVRV ratio, the Relative Strength Index (RSI) is also suggesting corrections as the indicator has just breached into the overbought zone above 70.0. This shows that the market is overheated and needs to cool down, which could cause a price decline.

Should that be the case and XRP price end up falling through the critical support at $0.505, it could bounce back at $0.475 or dip to $0.432, marking a 20% crash. On the other hand, if the present bullishness persists, XRP could rise to test the critical resistance at $0.582.

Flipping the same into a support floor would not only mark new highs for 2023 but also set XRP price up for a rise beyond $0.600 toward $0.644, noting a potential 20% rally.

XRP to extend its impulsive sentiments

Mar 29 2023