- XRP has been flat over the last week with prices down -1%
- XRP Price has been forming a descending channel
- 300 MA is acting as support
XRP price has had a wild run over the last year as the SEC lawsuit has put many dampers in the price. Despite this lawsuit still pending, XRP has been consolidating above the $1.00 mark for nearly 35 days, marking the longest consolidation above it in history. Although this may seem like a bullish statistic, indecision across other large cap coins may put XRP at risk of a downfall below the $1.00 mark.
After such a long consolidation period, we should see a larger volume move on XRP soon.
Ever since XRP price broke the $1.00 mark on August 13th, price has successfully stayed over it besides on September 7th when prices fell below it for a very short period of time. This price action can tell us $1.00 is now a strong support as price has successfully bounced off it numerous times.
Shown in light blue, we can see the descending channel XRP price has formed over the last month. At the time of writing, XRP is stuck between a major resistance of $1.12 & major support of $1.05.
XRP Price Analysis: XRP/USDT 4 Hour Chart
Considering how close XRP price is trading to its major support of $1.05, we can assume a break can happen at any time. If bears assert more control & pull XRP below this support, price may be in for a large fall to its major support of $0.95. Before this can occur, XRP must break below the 300MA which has acted as support for nearly 2 months. In the case XRP price gains enough steam to break & hold the major resistance of $1.12, we should expect a bullish revival to the 4 month trend line which is shown in black.
If bulls manage to break & hold the $1.20 mark, XRP price will then be back in position for a large push to $1.30+.
Over the last day or two, we can see the Stochastic RSI has been falling towards the oversold region. At the time of writing, XRP price is attempting to break out of this region and head towards the 50 value. If strength manages to break the 50 value, XRP price will be in position to break its current resistance level. While looking at the MACD, we can see the MAs have started to flatline right around the 0 value. If the MACD can break the 0 value, XRP will be clear for a bullish push.
XRP Intraday Analysis
- Spot rate: $1.07
- Trend: Bearish
- Volatility: Medium
- Support: $1.05
- Resistance: $1.12
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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