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XRP Price Analysis: XRP Eyes $0.70 As Bulls Push Off Major Support

XRP Price Analysis: XRP Eyes $0.70 As Bulls Push Off Major Support
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  • XRP price has revived 20% off its short term bottom at $0.50
  • XRP price just recently broke over a 60 day downtrend
  • The 200 MA continues to act as support

XRP price has been through a wild ride throughout the last 8 months as it fights for crypto regulation. The United States Securites & Exchange Commission continues to drag its feet on providing clear regulations to industry participants. It decided to go after Ripple in December of 2020 claiming it sold XRP as an unregistered security. The ongoing lawsuit has severely hurt and influenced the price of XRP. With multiple recent wins for Ripple, investors are anticipating a win soon enough.

Once this lawsuit is over, XRP can get back to its mission of facilitating cross-border transactions & potentially breaking its previous ATH. 

Just over the past few days, bulls have pushed XRP over its long term trend line which was holding the price down for over 2 months. This is a bullish sign as it is usually the first step to a trend change. As long as bulls can keep XRP over this trend line, we should expect prices to move near the $0.70 region fairly soon.

At the time of writing, price has been halted at a major resistance box found at $0.611-$0.634. Once bulls manage to clear this mark, XRP should start picking up speed. 

XRP Price Analysis: XRP/USDT 4 Hour Chart

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Along with the resistance box that price is currently halted at, lies the 200 MA. Price has been stuck under this MA for over 60 days and once it is cleared, XRP will start heading back towards $1.00. If the bears decide to take over in the short term, we can expect XRP price to find support at $0.58. Along with this mark lies another support at $0.56 that price must stay above to continue in a bullish uptrend. Anything below this box will likely result in a hard downfall.

  • The RSI has continued to be halted at a resistance line which is found at 61. Strength has failed to hold above this mark for nearly 82 days. Once bulls manage to break & hold this line, XRP will experience a large bullish surge.
  • The MACD histogram has been ticking green for nearly 3 days. There is a slight bearish bias as the MA’s are about to cross bearish. If the MA’s decide to break below the 0 value, this may result in a short term pullback to XRP’s major support box.

XRP intraday levels 

  • Spot rate: $0.608
  • Trend: Short Term Bullish
  • Volatility: Medium
  • Support: $0.589
  • Resistance: $0.612

The post XRP Price Analysis: XRP Eyes $0.70 As Bulls Push Off Major Support appeared first on Coingape.

 

Source: Coingape

 


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