Despite Massive Bullish Momentum, XRP Fails to Break Above Key Resistance: Ripple Price Analysis

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The announce­ment that the Rip­ple vs SEC case would soon be set­tled led to a sig­nif­i­cant XRP price boost over the last few days. The below chart shows the high­est vol­ume trad­ed in XRP since June 30 as a result of buy­ing pressure.

Technical Analysis

By Griz­zly

The Daily Chart

After bot­tom­ing out in June at rough­ly $0.28, the price of XRP surged by more than 30%. This mini-ral­ly result­ed in anoth­er attempt to break the key hor­i­zon­tal resis­tance at $0.4 (in red). How­ev­er, so far, the crit­i­cal lev­el had reject­ed those attempts.

In the pre­vi­ous attempt that hap­pened in mid-August, the bears pushed the price to short-term sup­port (in green) around $0.32. After retest­ing this lev­el mul­ti­ple times, mak­ing it a local bot­tom, Rip­ple bounced back for anoth­er retest of the $0.4 lev­el. A dai­ly close above the lev­el will be the first sign for the next pos­si­ble bull­ish wave.

The asset may break out from the 100-day con­sol­i­da­tion peri­od as a result of such a move, though, as of yet, the bears haven’t allowed this to occur. This bull­ish struc­ture is valid as long as the price sus­tains sup­port at $0.35.

Key Sup­port Lev­els: $0.35 & $0.32

Key Resis­tance Lev­els: $0.40 & $0.50

Dai­ly Mov­ing Averages:

MA20: $0.34
MA50: $0.35
MA100: $0.34
MA200: $0.49

The XRP/BTC Chart

Against Bit­coin, the bulls clear­ly dom­i­nate the mar­ket. They have pushed the price above the bar­ri­er in the $1,700–1,800 area (in red). If the bull­ish sen­ti­ment con­tin­ues, the next obsta­cle will be found at 2000 SATs (in white).

How­ev­er, a retest of the 1800 SAT zone (to con­firm as sup­port) is also like­ly. If the buy­ers man­age to hold the pair above the red zone, the next bull­ish tar­get- 2000 SAT – becomes likely.

Key Sup­port Lev­els: 1800 SATs & 1550 SATs

Key Resis­tance Lev­els: 2000 SATs & 2150 SATs

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Dis­claimer: Infor­ma­tion found on Cryp­toPota­to is those of writ­ers quot­ed. It does not rep­re­sent the opin­ions of Cryp­toPota­to on whether to buy, sell, or hold any invest­ments. You are advised to con­duct your own research before mak­ing any invest­ment deci­sions. Use pro­vid­ed infor­ma­tion at your own risk. See Dis­claimer for more information.

Cryp­tocur­ren­cy charts by TradingView. 



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