XRP Price Analysis: XRP Consolidates Above $1 For The Longest Time In History, What’s Next?

XRP price has had a wild run over the last year as the SEC lawsuit has put many dampers in the price. Despite this lawsuit still pending, XRP has been consolidating above the $1.00 mark for nearly 35 days, marking the longest consolidation above it in history. Although this may seem like a bullish statistic, indecision across other large cap coins may put XRP at risk of a downfall below the $1.00 mark.

After such a long consolidation period, we should see a larger volume move on XRP soon.

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Ever since XRP price broke the $1.00 mark on August 13th, price has successfully stayed over it besides on September 7th when prices fell below it for a very short period of time. This price action can tell us $1.00 is now a strong support as price has successfully bounced off it numerous times.

Shown in light blue, we can see the descending channel XRP price has formed over the last month. At the time of writing, XRP is stuck between a major resistance of $1.12 & major support of $1.05.

XRP Price Analysis: XRP/USDT 4 Hour Chart

Considering how close XRP price is trading to its major support of $1.05, we can assume a break can happen at any time. If bears assert more control & pull XRP below this support, price may be in for a large fall to its major support of $0.95. Before this can occur, XRP must break below the 300MA which has acted as support for nearly 2 months. In the case XRP price gains enough steam to break & hold the major resistance of $1.12, we should expect a bullish revival to the 4 month trend line which is shown in black.

If bulls manage to break & hold the $1.20 mark, XRP price will then be back in position for a large push to $1.30+.

Over the last day or two, we can see the Stochastic RSI has been falling towards the oversold region. At the time of writing, XRP price is attempting to break out of this region and head towards the 50 value. If strength manages to break the 50 value, XRP price will be in position to break its current resistance level. While looking at the MACD, we can see the MAs have started to flatline right around the 0 value. If the MACD can break the 0 value, XRP will be clear for a bullish push.

XRP Intraday Analysis

• Spot rate: $1.07
• Trend: Bearish
• Volatility: Medium
• Support: $1.05
• Resistance: $1.12

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.