XRP Price Analysis: Ripple Explodes To $1 As Altcoins Surge

By John Isige
Published August 12, 2021 Updated August 12, 2021
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Ripple XRP
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XRP Price Analysis: Ripple Explodes To $1 As Altcoins Surge

By John Isige
Published August 12, 2021 Updated August 12, 2021
  • XRP price extends the bullish leg, stepping above $1 for the first time since May.
  • Ripple’s ongoing breakout seems unstoppable, especially if bulls hold firmly to $1.

Ripple has been one of the best-performing cryptocurrencies in almost three weeks. The international money transfer token currently trades 96% higher than the low in May and July. Support at $0.5 played a critical role in ensuring that losses did not explore levels toward $0.4 and $0.3, a move that may have paralyzed the bulls entirely.

Subsequently, the persistent push from the bulls guaranteed that investor interest was sustained. Hence the massive buying pressure behind Ripple. Several barriers have been shattered so far, including the 200 Simple Moving Average (SMA), $0.8, and the three-month descending trend line.

The latest boost being a break above the barrier at $1. At the time of writing, Ripple is teetering at $1.03 while bulls gaze at the short-term hurdle at $1.1. Trading above this level will elevate XRP to $1.2, thus paving the way for another run-up to $1.4.

XRP Price Still In The Bulls’ Hands

The short-term technical picture on the daily chart is highly bullish. Note that the Moving Average Convergence Divergence (MACD) extended the bullish outlook above the mean line. Moreover, a buy signal presented in July reinforces the bullish grip on the price. As long as the MACD keeps rising, we expect Ripple’s up-trending market to remain intact.

XRP/USD Daily Chart

XRP/USD price chart
XRP/USD price chart by Tradingview

Similarly, the SuperTrend indicator recently sent a signal for traders to consider buying XRP. This technical index follows the trend of an asset like a moving average but incorporates the average true range (ATR) in its calculations, thus gauging market volatility.

The buy or sell signals presented by the SuperTrend are supposed to help traders identify the long-term trend of an asset and mark entry and exit positions. With the buy signal in place, Ripple has the potential to keep rising in the near term. Hence, support above $1 and perhaps a break past $1.1 will bolster the token significantly toward $1.6.

Ripple Intraday Levels

Spot rate: $1.03

Trend: Bullish

Volatility: Low

Resistance: $1.1 and $1.2

Support: $1 and $0.8

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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
John Isige
1164 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige