XRP Price Analysis: XRP Hits $1.00, Here Are Next Entry/Exit Price Levels

12 Aug, 2021

By Domenic

Domenic

Contributor

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship.

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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

Trend: Bullish

Volatility: High

Support: $0.99

Resistance: $1.06

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.