MEXCXRP Price Stalls At 4 Month Trend Line, Is $2 In The Making?
- XRP price has risen over 140% in a month
- XRP Price is attempting to clear 4 month downtrend
- If XRP fails to hold $1.20, a retracement may be underway
TIP: As long as BTC can stay steady, XRP may catch up with another leg past $1.30. A pressing SEC lawsuit vs Ripple has not put much damper in price action the last month.
XRP price has stalled over the past few days as price has been getting rejected at XRPs 4 month downtrend line. After a strong push to nearly $1.35 last week, bulls haven’t been able to pull off a breakout to the upside. Although, BTC has continued making new monthly highs along with many other alt coins the last few days.
Ever since XRP hit its low at $0.50, it has formed an ascending channel. Price has been supported by both trend lines over the past month. At the time of writing, XRP price is attempting to breakout of its near 4 month downtrend line. Along with this trend lies a major resistance zone found at $1.28-$1.37.
XRP Price must break & hold this mark to be completely in the clear for a large push past $1.40. If bulls manage this breakout, we can see XRP between $1.50-$1.70 fairly soon.
XRP Price Analysis: XRP/USDT 1 Day Chart
XRP price has been holding above its minor support of $1.19 for almost 48 hours. If bears push price below this mark, we should expect a short term downtrend to take place. The next bounce area for XRP should be the bottom trend of its channel but if this fails to hold, we will see prices back between $1.00-$1.10. Slightly below the bottom trend that has held XRP up the last few weeks, lies the 15MA. This MA will surely provide a bounce if price manages to touch it. If at anytime XRP breaks below this mark, we can then say XRP is in a bear trend.
While looking at the Stochastic RSI, we can see how it’s been falling after many weeks near the overbought territory. Based on the behavior of the MA’s, XRP may be in for another downfall. The strength seems very likely to fall under the oversold line which will cause a cascade of selling. The regular RSI has been holding a trend line ever since the start of August. A break below this line will likely land strength back to the 50 value which will cause sell offs to occur.
XRP Intraday Analysis
- Spot rate: $1.22
- Trend: Bullish
- Volatility: High
- Support: $1.19
- Resistance: $1.28
- $7B Virtu Financial Holds $63M XRP as Whales Accelerate Daily Sell-Off
- Breaking: Coinbase Nears $2B Deal to Buy Stablecoin Platform BVNK
- Coinbase CLO Fires Back at Senator Murphy Over ‘Corruption Factory’ Claim
- Crypto Prices Rise: Why Are BTC, ETH, LTC, XRP, SHIB, and ADA Up Today?
- Michael Saylor’s Strategy Eyes S&P 500 Spot Amid Bitcoin-Backed Credit Products Launch
- Pepe Coin Price Forms Multi-Year H&S Pattern as Whale Selling Intensifies
- Ethereum Price Forecast: $5K in Sight Post-Fusaka Upgrade
- Chainlink Price Eyes $25 as AllUnity Integrates CCIP for EURAU Expansion
- Sei Price Forecast: Will Robinhood Listing Spark a Rally?
- XRP Price Outlook as ETF Nears Possible November 13 Launch
- Cardano Price Risks 20% Crash Amid Death Cross and Falling ADA ETF Odds
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.
