Root
Reviews and LongReads
XRP Price Analysis: XRP Testing Breakout of 4 Month Downtrend, What’s Next?

XRP Price Analysis: XRP Testing Breakout of 4 Month Downtrend, What’s Next?

Do repost and rate:

Rated:103

XRP price has been showing a great amount of strength over the last few weeks as prices have risen over 120% off the low set in July. A pressing lawsuit with the SEC has not stopped Ripple from continuing business or XRP from showing strength. Many investors are anticipating a win for Ripple against the SEC as they have been buying up XRP rapidly behind the scenes. XRP is one of the top 20 gainers over the last month which is somewhat expected as its one of the only top coins that has yet to make a new ATH.

Even since XRP price set its low of $0.50 back in July, the price has been on a strong uptrend. This particular price movement has been extremely healthy as XRP price has formed an ascending channel formation. Each time price reaches either trend, it makes its way to the other side of the channel. At the time of writing, XRP price has just got rejected at a 4 month downtrend line that has held price down from a new high. Along with this trend lies a major resistance zone found from $1.28-$1.37.

If XRP manages to clear both of these marks, the skies are open for a potential $1.50+ price tag.

XRP Price Analysis: XRP/USDT 4 Hour Chart

In the case XRP price fails to break its important resistance areas, we should expect a drop back down to the bottom trend of the channel. Before this may occur, XRP has a chance of holding a minor support zone at $1.19. In the case bears take control and push price below, expect the bottom trend of the channel to provide a bounce. Along with this trend line lies the 60 MA. This MA has held XRP price up ever since its low of $.50 was set. As long as bulls can keep XRP above this mark, it is in a bullish state.

While looking at the Stochastic RSI, we can see that strength has been flattening within the overbought territory. This signals a bearish drop may be underway as a break below the 80 value would likely confirm a drop to the next support.
The regular RSI has been attempting to regain the overbought territory but has fallen short. If XRP can hold above the 50 value, it is likely for a push above 70 to occur somewhat soon.

XRP Intraday Analysis

Spot rate: $1.23
Trend: Bullish
Volatility: High
Support: $1.19
Resistance: $1.28

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.

Twitter