• Forms of the XRP Daily Chart Is a Breakout Imminent With a Bull Flag Below the 4 Month Trend Line?

  • The price of XRP has increased by more than 65 percent in the last month.
    The XRP price has been unable to break out of a four-month downturn, with the 25-day moving average acting as support.

    Trading Levels for XRP

    In terms of percentage increases, the XRP price has enjoyed one of the greatest months of the year. Prices have risen by 160 percent since the July 20th low. Since then, XRP has struggled to break through its four-month downtrend line. BTC and other major alt coins have been trading sideways in recent weeks, preparing for their next big move.

    As several alt-coins continue to record ATHs, the broader cryptocurrency market remains positive. The XRP price may be waiting for BTC to cross $50,000 before pushing higher towards $1.50.

    Since the XRP price reached a low on July 20th, it has been holding a mid term trend line all the way up. XRP barely bounced off this trend yesterday and sought but failed to break the $1.20 level. XRP has created a descending channel (bull flag) over the last few weeks, as seen in light blue.

    As bulls and bears defended their positions, the XRP price has been rejected off each trend. To have a chance of meeting the specified price targets, bulls must push the XRP price out of the top of this bull flag. Breaking the bull flag will also break the four-month trend line that XRP has been trapped under.

    XRP Price Analysis: 1 Day XRP/USDT Chart

    Along with the bull flag and 4 month trend line, there is a big resistance zone that XRP must breach and hold in order to hit $1.50. If the bulls fail to make this breakout, the XRP price will find support around its major support zone of $1.00-$1.19. If this collapse occurs during the next several days, XRP will be trading below two critical support levels. The first is a medium-term trend that has held price for a month, as well as the 25 MA. If bears drive the market below these supports, XRP will be in a confirmed bear trend and will most likely land between $0.82 and $0.90.

    We can observe from the Stochastic RSI that the strength has recently reset to the oversold level for the first time since $0.50. This is a very positive indicator, and it may imply that the XRP price is gaining momentum for its next move. To experience a large push, strength must break above the 20 number on the stochastic.
    Over the last two weeks, the standard RSI has established a concealed bullish divergence. As long as strength remains above the 50 level, the price of XRP should return to $1.50.

    Intraday XRP Analysis

    $1.14 is the current spot rate.
    Neutral trend
    Volatility is high.
    $1.09 for assistance
    $1.18 is the resistance level.

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