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XRP Price Stalls At 4 Month Trend Line, Is $2 In The Making?

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TIP: As long as BTC can stay steady, XRP may catch up with another leg past $1.30. A pressing SEC lawsuit vs Ripple has not put much damper in price action the last month.

XRP price has stalled over the past few days as price has been getting rejected at XRPs 4 month downtrend line. After a strong push to nearly $1.35 last week, bulls haven’t been able to pull off a breakout to the upside. Although, BTC has continued making new monthly highs along with many other alt coins the last few days.

Ever since XRP hit its low at $0.50, it has formed an ascending channel. Price has been supported by both trend lines over the past month. At the time of writing, XRP price is attempting to breakout of its near 4 month downtrend line. Along with this trend lies a major resistance zone found at $1.28-$1.37.

XRP Price must break & hold this mark to be completely in the clear for a large push past $1.40. If bulls manage this breakout, we can see XRP between $1.50-$1.70 fairly soon.

XRP Price Analysis: XRP/USDT 1 Day Chart

XRP price has been holding above its minor support of $1.19 for almost 48 hours. If bears push price below this mark, we should expect a short term downtrend to take place. The next bounce area for XRP should be the bottom trend of its channel but if this fails to hold, we will see prices back between $1.00-$1.10. Slightly below the bottom trend that has held XRP up the last few weeks, lies the 15MA. This MA will surely provide a bounce if price manages to touch it. If at anytime XRP breaks below this mark, we can then say XRP is in a bear trend. 

While looking at the Stochastic RSI, we can see how it’s been falling after many weeks near the overbought territory. Based on the behavior of the MA’s, XRP may be in for another downfall. The strength seems very likely to fall under the oversold line which will cause a cascade of selling. The regular RSI has been holding a trend line ever since the start of August. A break below this line will likely land strength back to the 50 value which will cause sell offs to occur.

XRP Intraday Analysis

  • Spot rate: $1.22
  • Trend: Bullish
  • Volatility: High
  • Support: $1.19
  • Resistance: $1.28
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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 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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 8/22/2021

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