XRP Breaks 4 Month Trend Line, Is a Retest Coming?
-XRP has risen over 20% the last week
-Price just broke out of a 4 month downtrend
-140MA is acting as support for this run
XRP & Ripple have went through an immense amount of hate & troubles over the last year as an ongoing lawsuit with the SEC is putting pressure on investors & Ripple’s customers. Even though this has not affected the price of XRP over the last 6 months, it surely is keeping many investors from buying into XRP until there is clarity regarding its security status. This lawsuit is expected to pave the wave for crypto regulation so the outcome is being watched very close by key players in this industry.
Over the last 3 weeks, XRP has been consolidating above the $1.00 mark awaiting a larger breakout to the upside. ETH along with many other alt coins have had this breakout but XRP & BTC have still yet to fully break to new monthly highs. For XRP to be completely in the clear, bulls must break & hold the major resistance mark of $1.28-$1.37. If this is deemed successful, XRP will be on its way to the $1.50 mark. This bullish push should come along with BTC holding above the $50,000 support level.
Just over the last few days, XRP has managed to break above its 4 month long trend line. This trend has held price down ever since price hit $1.95 back in April of this year. At the time of writing, it seems likely for XRP to retest this trend as support. In this case bulls fail to hold within the major resistance zone & price gets pushed down to the 4 month trend, it must hold this mark or XRP may be in for a larger fall. Anything below the $1.18 support & the 140MA will land XRP back below $1.10.
While looking at the RSI, we can see strength just rejected within the overbought region & is heading below the 50 value. This is a bearish scenario until the strength can regain the 50 value, back into bullish territory. The MACD is about to tick red on the histogram for the first time in 4 days. If the blue MA crosses below the orange MA, this will be a bearish scenario that will land XRP back to $1.18 at minimum.
XRP Intraday Analysis
Spot rate: $1.28
Trend: Sideways
Volatility: Medium
Support: $1.22
Resistance: $1.28
-Price just broke out of a 4 month downtrend
-140MA is acting as support for this run
XRP & Ripple have went through an immense amount of hate & troubles over the last year as an ongoing lawsuit with the SEC is putting pressure on investors & Ripple’s customers. Even though this has not affected the price of XRP over the last 6 months, it surely is keeping many investors from buying into XRP until there is clarity regarding its security status. This lawsuit is expected to pave the wave for crypto regulation so the outcome is being watched very close by key players in this industry.
Over the last 3 weeks, XRP has been consolidating above the $1.00 mark awaiting a larger breakout to the upside. ETH along with many other alt coins have had this breakout but XRP & BTC have still yet to fully break to new monthly highs. For XRP to be completely in the clear, bulls must break & hold the major resistance mark of $1.28-$1.37. If this is deemed successful, XRP will be on its way to the $1.50 mark. This bullish push should come along with BTC holding above the $50,000 support level.
Just over the last few days, XRP has managed to break above its 4 month long trend line. This trend has held price down ever since price hit $1.95 back in April of this year. At the time of writing, it seems likely for XRP to retest this trend as support. In this case bulls fail to hold within the major resistance zone & price gets pushed down to the 4 month trend, it must hold this mark or XRP may be in for a larger fall. Anything below the $1.18 support & the 140MA will land XRP back below $1.10.
While looking at the RSI, we can see strength just rejected within the overbought region & is heading below the 50 value. This is a bearish scenario until the strength can regain the 50 value, back into bullish territory. The MACD is about to tick red on the histogram for the first time in 4 days. If the blue MA crosses below the orange MA, this will be a bearish scenario that will land XRP back to $1.18 at minimum.
XRP Intraday Analysis
Spot rate: $1.28
Trend: Sideways
Volatility: Medium
Support: $1.22
Resistance: $1.28
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