XRP Flips $1.25 Key Resistance Into Support, Here’s Why $1.50 is Inevitable Now

By Prashant Jha
Published September 3, 2021 Updated September 3, 2021
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XRP Flips $1.25 Key Resistance Into Support, Here’s Why $1.50 is Inevitable Now

By Prashant Jha
Published September 3, 2021 Updated September 3, 2021

XRP price continues to look for a breakout above $1.30 as the altcoin flipped a key on-chain resistance of $1.25 into support. This could help it retest the 3-month high of $1.35 soon as the altcoin builds bullish momentum along with the rest of the crypto market. XRP is on the verge of closing the fourth daily green candle as it breaks out of the downtrend.

XRP
Source: TradingView

Crypto analyst Credibull Crypto pointed towards the flipping claiming, $1.25 was the level he was watching out for. He pointed out that XRP has cleared the area of supply and retested the $1.25 support successfully. He also added that as long as Bitcoin ($BTC) doesn’t pull an erratic move, the altcoins’ move to $1.50 is inevitable.

XRP proponents believe the altcoin could easily post a new all-time high in the coming months and take everyone by surprise. The immediate resistance for XRP now lies at $1.30 post which it can see a massive upswing like many other altcoins at the moment.

Can XRP Pull a Solana ($SOL)?

Solana ($SOL) became the first altcoin to reach a new ATH after the May market crash and is currently in a price discovery mode. The altcoins broke past $100 mark just a couple of days ago and currently trading near $150 mark having nearly multiplied their value by 4X in the past month. XRP on the other hand is yet to retest its yearly high of $1.97 before it could set eyes on ATH of $3.87.

XRP recently flipped the stochastic RSI to bullish on the monthly chart which is a big bullish sign for the altcoin. In the past, the altcoins have surged over 10X whenever it has flipped this signal. RSI level is also trading in the buy zone at around 61.

The XRP lawsuit has also reached a key juncture where the former SEC director William Hinman’s testimony is again at the center of the discussion. SEC revealed only a part of the deposition which Ripple claim was used to mischaracterize them.  The court has also allowed SEC access to Ripple’s slack data despite defendants fighting against it.

XRP is yet to restest its ATH and only in the top-10 to have missed the opportunity during the first leg primarily because of the lawsuit. But it might turn the table in the second leg and repeat 2018 to post new ATHs.

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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
Prashant Jha
1179 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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