XRP Prints Bull Flag Beneath 4-Month Trend-line – Price Forecast
Briefly –
- XRP has witnessed its price rising by more than 65% over last month
- XRP has battled to overcome a 4-month downtrend
- 25-d MA has served as XRP’s support
XRP Trading Levels
XRP has had its best month of this year as far as percentage gains are concerned. The altcoin surged 160% since its 20 July lows. After the impressive moves, XRP has the struggle to overcome its 4-month declining line. Bitcoin and most top alternative coins have registered sideways movements in the past few weeks, coiling before another move.
The total crypto market extends its bullish attitude as some alts continue to register record highs. XRP might be waiting for BTC’s lucrative moves past $50K to head to $1.50.
XRP has held a mid-term trend-line since hitting the 20 July lows as bulls target higher price levels. Yesterday’s sessions had XRP bouncing off the trend, attempting to break the obstacle at $1.20. However, it did not succeed. Meanwhile, the token has printed a descending channel (bullish flag) over the past few weeks.
As bears and bulls defended their territories, XRP faced rejection at the trend-line. If bulls take the crypto above the bullish flag, XRP will have a clear path towards its targets. Keep in mind that breaching the bullish flag will have the coin overpowering the 4-month trend-line.
XRP-USDT Chart
Besides the four-month trend-line and the bullish flag, there’s a massive resistance that XRP will have to conquer to attain the $1.50 mark. Inadequate bullish moves will see the token dropping towards the support from $1.00 to $1.09. If the plunges happen in the coming days, XRP will trade in two critical support levels. The initial one lies at the mid-term trend and the 25-MA. If bears take the asset beneath the supports, it will confirm bearishness towards the $0.82 to $0.90 levels.
On the other side, the Stochastic RSI shows strength in retesting the oversold territory. That is a healthy development that indicates XRP gaining momentum for its upcoming rally. For a massive push, the stochastic RSI has to break above the 20 levels.
Intraday Analysis
- Spot rate – $1.14
- Trend – neutral
- Volatility – high
- Support – $1.09
- Resistance – $1.18
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