XRP Price Analysis: It’s Do Or Die for XRP Bulls As Price Breaks 2 Week Ascending Channel

By Domenic
August 4, 2021 Updated August 4, 2021
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SEC vs. Ripple Lawsuit
  • XRP price has revived nearly 40% of its July low 
  • XRP Price has been getting rejected at its major resistance zone
  • 60 MA is attempting to hold as support

XRP Price Overview

XRP price has revived fairly well off its low set in late July. Prices have risen nearly 50% over the past two weeks as XRP struggles to break its major resistance zone of $0.77. Ripple has been battling the SEC over the last 8 months over a lawsuit regarding XRP being sold as a security or not. Despite this, XRP is still trading within the markets averages as other coins have had a lesser revival. The overall market is flashing signs that some type of bull trend is here after months of downtrending. 

Over the last 2 weeks, XRP price has formed an ascending channel formation. Within the past day, price has fallen below this channel, breaking the bottom uptrend line. This is a short term bearish scenario as price has already fallen near -5%. At the time of writing, XRP is sitting on its minor support of $0.707.

If this support fails to hold, we can expect price to sweep to the major support of $0.669.

XRP Price Analysis: XRP/USDT 4 Hour Live Chart

TradingView Chart Snapshot

Along with the minor support at $0.70 lies the 60MA. This MA has held price above for nearly 2 weeks. Breaking below this MA will surely confirm a short term downtrend is in place. If bulls manage to hold this MA, we should expect XRP to revive back to resistance found at $0.735. In the case XRP price clears this, the real battle for bulls sits at $0.77-$0.80. Breaking over this will launch XRP back to the $0.80-$1.00 range. 

A hidden bullish divergence has been shown as the price made a higher low with strength making a lower low. This may indicate a bounce off the 60MA is soon to come.

  • RSI: While looking at the RSI, we can see it has just fallen below the 50 value. This is bearish sign unless strength can pull back above in a timely manner.
  •  MACD: The MACD currently sits at the 0 value. Breaking below this will likely send XRP price further to the downside. 

XRP Price Intraday Analysis

  • Spot rate: $0.707
  • Trend: Bullish
  • Volatility: Medium
  • Support: $0.707
  • Resistance: $0.735

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.
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.

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