- XRP price has risen over 50% the past week
- XRP Bulls reclaimed $1.00 for the first time in over 2 months
- XRP price fully cleared its long term trend
XRP bulls came out of hibernation the last few days after a long 2 months of downtrending. BTC & ETH experienced strong revivals the last 2 weeks & XRP price followed the last few days. The overall cryptocurrency market has completely broken all downtrends & is in the best position it has been in months. Even with the current lawsuit involving Ripple & The Securities Exchange Commission, XRP bulls pushed price nearly 110% in the last month. This shows immense strength & interest that is still on XRP & one can only imagine its potential once the lawsuit is fully cleared.
While looking at the last few weeks of trading, it is evident that XRP has formed an ascending broadening wedge. This pattern is a bullish one but price often gets rejected at either trend. Just over the past few hours, we can see XRP price experienced a rejection at the top trend.
This top trend is also met with a major resistance zone that XRP has been stuck under for many months. For price to continue rising higher, bulls must fully clear this resistance zone of $0.98-$1.06 and hold above it. This would open the floor for XRP price to hit $1.20.
XRP Price Analysis: XRP/USDT 4 Hour Chart
After such a large spike, we can assume some type of pullback will be coming soon. In the likely event bulls fail to hold above the major resistance zone, we can see a drop back to a long term trend line that has held XRP price down ever since its high of $1.95. This would be completely normal & can be looked at as a break & retest as long as price stays above it. Along with the trend line lies a major support of $0.895. As long as XRP holds above this, it is in position to continue its bullish revival. A break below these two marks will land price back into the high $0.70s.
The Stochastic RSI has been riding within the oversold territory for almost a day now. At the time of writing it has started to curl down & likely will drop further to reset before another large push is possible. The MACD has hit a near 3 month high & is starting to curl a bit. As long as the MACD holds above the 0 value after a pullback, XRP is in position for another push.
XRP Intraday Analysis
Spot rate: $1.01
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