XRP Price Analysis: XRP Consolidates Within Triangle Awaiting a Bullish Breakout

Published May 10, 2021 | Updated May 10, 2021

In Brief
  • XRP price stays stagnant as ETH rockets to ATH
  • XRP price has been forming a symmetrical triangle for nearly a month
  • Price needs to break $1.65 to see large bull move

XRP Price Analysis: XRP Consolidates Within Triangle Awaiting a Bullish Breakout

  • XRP price stays stagnant as ETH rockets to ATH
  • XRP price has been forming a symmetrical triangle for nearly a month
  • Price needs to break $1.65 to see large bull move

After an explosive move to $1.95, XRP has been consolidating within a triangle formation. XRP investors are awaiting a decision in the pending SEC lawsuit as gains have been small compared to large cap coin Ethereum. IF price can break out of this triangle, more gains might be coming.

During the last few days XRP has been struggling to break major resistance of $1.65. This price mark also is in conjunction to the top trend line of the symmetrical triangle. If XRP can break & hold these marks, the path is clear to $2.

XRP Price Analysis: XRP/USDT 1 Day Chart

Major resistance for DOGE is $0.69. This price level is the mark DOGE needs to break and hold for a new potential ATH. After breaking below the long term trend, it is likely for Doge coin to continue lower. A break of the MA15 will be a confirmation more downside is coming as it has been holding as support for almost a month. 

While looking as the RSI, we can see a large bearish divergence has formed. This occurs when the price creates a higher high but the strength prints a lower high. We can expect strength and price to go lower as a result. The MACD is very overextended. The histogram is starting to tick down and a bearish cross is impending. 

DOGE intraday levels 

  • Spot rate: $0.543
  • Trend: Bullish
  • Volatility: High
  • Support: $0.44
  • Resistance: $0.692

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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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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