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XRP Price Falls To Mid Term Trend Line, What’s Next $1 Or All Time High?

XRP Price Falls To Mid Term Trend Line, What’s Next $1 Or All Time High?

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XRP price has struggled to continue its uptrend over the last week. Prices rose to $1.30 nearly 2 weeks ago and have been bouncing above a dollar ever since. BTC has largely influenced XRP price action as BTC failed to hold above the $50,000 mark. BTC & the overall cryptocurrency market has been surging the last month as buyers pushed coins strongly off their lows. After such a large spike with little to no correction on the daily timeframe, we may expect BTC & crypto pullback to regain steam.

Over the last month, XRP price has revived nearly 150% from its low of $.50. The entire ride up, XRP held a trend line which supported it from downfall. At the time of writing, XRP just touched this trend for the first time in nearly 3 weeks. A bounce is expected as XRP has already been dropping the last few days.

Price must regain the minor resistance of $1.19 to have a shot at continuing this bull trend. The important mark to break & hold is the 4 month trend line that has held prices from starting a new uptrend. If bulls manage to break & hold this, XRP price has a shot at $1.40+.

XRP Price Analysis: XRP/USDT 4 Hour Chart

Over the last two weeks, price has formed a descending channel formation. XRP price will be fairly steady until a breakout occurs as each trend line continues to reject price. At the time of writing, XRP has just bounced off the 125 MA which has acted as support ever since the break of $.60 in late July.

Along with this MA lies a mid term trend line that has held XRP up the entire ride from $0.50-$1.35.
If bears continue their control & push XRP price below these two marks, a downtrend will then be confirmed. In this case, XRP will find support at $0.98 & $0.89.

While looking at the RSI, we can see strength has been getting hammered into the ground. At the time of writing, strength is going sideways within the oversold region. A strong break of the downtrend is needed for XRP to start a healthy revival. In addition, the regular RSI has also been in a downtrend for nearly 2 weeks. A strong break above the 50 value along with the downtrend line is needed for XRP price to potentially go on another run.

XRP Intraday Analysis

Spot rate: $1.09
Trend: Neutral
Volatility: High
Support: $0.98
Resistance: $1.14

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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