MEXCXRP Price Analysis: XRP Tries Breakout of 45 Day Falling Wedge, Can it Break $1 Level?
- XRP price has revived nearly 40% off its low of $0.50
- The 25 Day MA has held XRP from starting a bullish trend
- Price is currently trying to breakout of a 45 day falling wedge
XRP price has had a wild 2021 as the ongoing SEC lawsuit with Ripple has put much strain on XRP investors and traders. After months of consolidation under $0.50, XRP broke out and had a large pump to $1.95. Since then, it has been stuck in a downtrend along with the rest of the cryptocurrency market. At the time of writing, price is attempting to breakout of a large bullish falling wedge pattern.
The bullish falling wedge (shown in green) has held the price in a downtrending consolidation the last 45 days. Bulls are currently attempting a breakout which if deemed successful, XRP will have a great shot of hitting prices above $0.80 in the short term. Along with the top trend of the falling wedge lies the 25 day MA. The price has been stuck under this MA for nearly 2 months & as it has acted as a price barrier. A breakout above will surely confirm a bullish trend in underway.
XRP Price Analysis: XRP/USDT 1 Day Chart
Along with the 25 Day MA, there is a major resistance zone that bulls must power through. This area is an 8 cent zone ranging from $0.699-$0.787. If price manages to break through and hold this area, a bullish trend is confirmed for XRP and price will make its way to its two target ranges of $0.90 & $1.03. In the case bears stop the breakout, XRP will find support at $0.63 & $0.575.
While looking at the Relative Strength Index, we can conclude strength has broken over a 75 day trend. To confirm a bullish upswing on the price, the strength must break and hold over the 50 value. The MACD has been flat nearly all of June which can signal a big move is impending. A bullish cross was experienced last week and the MA’s have their eyes set on a break to bullish territory over the 0 mark.
XRP price intraday levels
- Spot rate: $0.6920
- Trend: Neutral
- Volatility: Medium
- Support: $0.63
- Resistance: $0.70
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