4 month downtrend XRP test, what’s next?


  • XRP price has been stuck in an ascending channel for 3 weeks
  • XRP Price Stuck At 60 MA
  • Bulls attempt to break 4-month downtrend

XRP price up 120% from lows

The price of XRP has shown great strength in recent weeks as prices have risen more than 120% from the low set in July. A pressing lawsuit with the SEC hasn’t stopped Ripple from continuing its business or XRP from showing its strength. Many investors expect Ripple to win against the SEC as they quickly buy XRP behind the scenes. XRP is one of the top 20 winners of the past month, which is somewhat expected as one of the only top coins that has yet to create a new ATH.

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Even since the price of XRP hit its low of $ 0.50 in July, the price has seen a strong uptrend. This particular price movement has been extremely healthy as the XRP price has formed an ascending channel formation. Whenever the price hits either trend, it moves to the other side of the channel. At the time of writing, the XRP price has just been rejected at a 4 month downtrend line which has kept the price at a new high. Along with this trend is a major resistance area between $ 1.28 and $ 1.37.

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

XRP Price Analysis: 4 Hour XRP / USDT Chart

TradingView Chart

In the event that the price of XRP fails to break through its important resistance areas, we should expect a decline towards the channel’s lower trend. Before that happens, XRP has a chance to hold a minor support area at $ 1.19. In the event that the bears take control and push the price below, expect the lower channel trend to provide a rebound. With this trendline is the 60 MA. This MA has kept the price of XRP higher since its low of $ 0.50 was set. As long as the bulls can keep XRP above this mark, it is in a bullish state.

  • Looking at the Stochastic RSI, we can see that the force has flattened into the overbought territory. This signals that a bearish decline may be in progress, as a break below the 80 value would likely confirm a decline towards the next support.
  • The regular RSI tried to regain overbought territory but failed. If XRP can hold above the 50 value, it is likely that a surge above 70 will occur a bit sooner.

XRP intraday analysis

  • Spot rate: $ 1.23
  • Trend: bullish
  • Volatility: high
  • Pick-up: $ 1.19
  • Resistance: $ 1.28

Disclaimer

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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