XRP Price Analysis: XRP Inches Its Way To A Bullish Breakout

Published July 16, 2021 | Updated July 16, 2021

XRP

XRP Price Analysis: XRP Inches Its Way To A Bullish Breakout

  • XRP price has been stuck within a descending channel for months 
  • XRP Price has flatlined near major support of $0.589
  • 125 MA has kept price from starting an uptrend

XRP Price Overview

Ripple & XRP price have had a wild last 7 months as the price of XRP has been largely affected by the ongoing SEC lawsuit. Ripple has been scoring multiple wins against the SEC as just today they have won a ruling regarding a deposition involving a former high level SEC official, William Hinman. Ripple wants to know why BTC & ETH received a “free pass” regarding their regulatory status. They often refer to a speech given by Hinman in 2018 that stated BTC & ETH were not securities. Many speculate that the result of this lawsuit will have a massive impact on the cryptocurrency market as a whole. 

While looking at the price chart, we can see how XRP price has been respecting a near 2 month descending channel (shown in red). Price has rejected off the top trend line multiple times throughout this period as bulls can’t seem to pull off the breakout. At the time of writing, XRP is attempting a breakout of the top trend line within its descending channel. If this is deemed successful, XRP price will have to clear its 125 MA which has acted as a barrier for nearly 60 days. 

XRP Price Analysis: XRP/USDT 4 Hour Chart

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If bears take control & reject this breakout and price turns bearish, it must hold its current support of $0.589 or it will see a fall to lower levels. The next support for XRP lands at $0.538 which is the last major support until mid $0.40s. This will likely happen if BTC fails to hold its $30,000 support level. 

While looking at the RSI, we can see it has been bouncing back & forth below the 50 value. A clean break of the 50 value will likely shoot XRP right to its major resistance around $0.634. The MACD tells a similar story as it has been consolidating below the 0 line awaiting a bullish break. 

XRP intraday levels 

  • Spot rate: $0.608
  • Trend: Neutral
  • Volatility: Low
  • Support: $0.589
  • Resistance: $0.34
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.
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Domenic CoinGape 64 Articles
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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