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XRP Daily Chart Forms Bull Flag Below 4 Month Trend Line, Is a Breakout Imminent?

XRP Daily Chart Forms Bull Flag Below 4 Month Trend Line, Is a Breakout Imminent?

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XRP price has had one of the best months of the year in terms of percentage gains. Prices rose 160% off the low set on July 20th. Since then, XRP has been struggling to break over its 4 month downtrend line. BTC & other major alt coins have been going sideways over the last few weeks, coiling up for their next big move.

The overall cryptocurrency market continues to stay bullish as some alt-coins have continued to print ATHs. XRP price may be waiting for the green light on BTC breaking $50,000 to push higher towards $1.50.

Ever since XRP price hit its low on July 20th, prices have been holding a mid term trend line the whole way up. XRP just bounced off this trend yesterday & attempted to break the $1.20 mark but failed short. Over the last couple weeks XRP has formed a descending channel (bull flag) which is shown in light blue.

XRP Price has been rejected off each trend as bulls & bears have been defending their ground. Bulls must push XRP price out of the top of this bull flag to have a shot at hitting the given price targets. Breaking the bull flag will also break the 4 month trend line XRP has fell victim to.

XRP Price Analysis: XRP/USDT 1 Day Chart

Along with the bull flag & 4 month trend line, lies a major resistance zone that is the last barrier XRP needs to break & hold for it to reach $1.50. In the case bulls fail this breakout, XRP price will find support within its major support zone of $1.00-$1.09. If this drop occurs in a few days, XRP will then be under two very important support marks. The first being a mid term trend that has held price for a month along with the 25 MA. If bears push price below these supports, XRP will then be in a confirmed bear trend and would likely land between $0.82-$0.90.

While looking at the Stochastic RSI, we can see that strength just reset to the oversold region for the first time since $0.50. This is a very healthy sign and may indicate XRP price is gaining steam for its next run. Strength must break over the 20 value on the stochastic to experience a large push.
The regular RSI has formed a hidden bullish divergence over the last 2 weeks. As long as strength stays above the 50 value, XRP price should reach back towards $1.50.

XRP Intraday Analysis

Spot rate: $1.14
Trend: Neutral
Volatility: High
Support: $1.09
Resistance: $1.18

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Domenic

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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