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XRP Price Analysis: XRP Explodes To 4 Month High, Here Are The Major Levels To Watch

XRP Price Analysis: XRP Explodes To 4 Month High, Here Are The Major Levels To Watch

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XRP Price have been through a tough year as they have battled a lawsuit from the SEC & constant hate from other community members. Despite all of this, it has outperformed BTC & ETH along with many other cryptocurrencies the past month. BTC breaking above the $40,000 price level has allowed XRP to experience a strong revival of nearly 150% off lows. The overall cryptocurrency market has had an amazing August as the majority of coins have experienced a surge in buying that hasn’t been seen in many months.

While looking at the bottom of the chart, we can see how XRP bounced off its major support of $0.52, two times. This created a beautiful double bottom formation which has launched price like a spring! Once the major level of $0.77-$0.83 was cleared, XRP price has not looked back since. For price to continue this surge, bulls must barrel through the major resistance zone found at $1.31-$1.39.

This is a major resistance level as we can see how much price attempted to hold this back in April/May of this year. Breaking through this zone will send XRP price to $1.50+.

XRP Price Analysis: XRP/USDT 1 Day Chart

At the time of writing, XRP price has just touched a near 4 month trend line. Breaking above this trend will be the last major trend to clear before a potential new high is set. With that being said, we can assume this will be a bit of a battle for the bulls. Failing to break this trend line will likely land XRP price back down to its minor support level of $1.19. In the case bears continue to pressure price down, we can expect XRP to land back within its major support zone found at $0.98-$1.09. This would be completely normal & would allow price to regain strength to push higher.

While looking at the Stochastic RSI, we can see how it has been consolidating within the overbought region. As long as strength stays within this zone, XRP can continue its parabolic rally. Although, once the Stochastic breaks the bottom trend line shown, XRP price will likely be sent to cool off at lower price levels.
The regular RSI has been within overbought territory for nearly 5 days. It is approaching a resistance level that previously rejected the strength during its last rally. Once the RSI breaks below the 70 value, expect XRP to retrace to the given support levels.

XRP Intraday Analysis

Spot rate: $1.29
Trend: Bullish
Volatility: High
Support: $1.19
Resistance: $1.31

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 CoinGape

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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