XRP’s Next Breakout Could Take It Above $1

2020-12-7 17:42

Since reaching a high of $0.79 on Nov. 24, the XRP price has been consolidating inside a symmetrical triangle.

XRP should break out from this triangle and increase towards the resistance levels given below.

Consolidation After High

The XRP price has been moving downwards since reaching a high of $0.79 on Nov. 24.

With the exception of the first two days after the high was reached, the drop hasn’t been sharp, rather the price has been consolidating in a range between $0.55 and $0.65.

Technical indicators are neutral, leaning slightly bullish:

The RSI has formed hidden bullish divergence and is above 50. The MACD histogram is decreasing and its line is considerably above 0. The Stochastic Oscillator is moving downwards but hasn’t yet made a bearish cross. XRP Chart By TradingView

The shorter-term time-frame provides a more bullish outlook. XRP has been trading inside a symmetrical triangle since it reached the previous high and is currently very close to the resistance line.

The line also coincides with the $0.625 horizontal resistance area, so a breakout above here would likely trigger a sharp upward move.

Both the RSI and the MACD support the possibility of a breakout that would likely take the target towards $0.79 and possibly higher.

XRP Chart By TradingView Long-Term Levels

The weekly chart for XRP shows that if successful in breaking out, the next resistance area would be found all the way up at $1.34, the 0.382 Fib retracement level measured from the all-time high price.

The MACD, RSI, and Stoch support the possibility of this rally, even if they show that it’s overbought.

(Note – The logarithmic chart is used to better visualize large price fluctuations)

XRP Chart By TradingView XRP Wave Count

Cryptocurrency trader @Thetradinghubb outlined an XRP chart, stating that the price is trading inside a symmetrical triangle, from which a breakout is likely.

Source: Twitter

The wave count for XRP shows a possible 1-2/1-2 wave count, inside which XRP is currently in wave 3 (shown in white below) and has begun sub-wave 5 (orange).

The breakout from the parallel channel and subsequent re-test (green arrow) suggests that the upward movement is impulsive.

There are two main targets for the top of this move: at $0.89 (4.61 Fib extension of sub-wave 1) and $1.19 (length of sub-waves 1-3 projected to 4).

While the second target appears slightly more likely due to the proximity to the long-term resistance level outlined previously, we cannot accurately determine the target for the top before the move begins to develop.

XRP Chart By TradingView XRP Chart By TradingView Conclusion

To conclude, the XRP price should continue the upward movement outside of the symmetrical triangle and rally at least towards $0.89 and possibly $1.19.

For BeInCrypto’s previous Bitcoin analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

The post XRP’s Next Breakout Could Take It Above $1 appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ripple (XRP) на Currencies.ru

$ 2.1839 (+0.37%)
Объем 24H $11.647b
Изменеия 24h: -2.28 %, 7d: -10.44 %
Cегодня L: $2.147 - H: $2.2191
Капитализация $125.033b Rank 4
Цена в час новости $ 0.6083 (259.02%)

xrp high price consolidation below moving nov

xrp high → Результатов: 126


Why Bitcoin Always Gains Against other Altcoins and Move Their Prices

Recent times, the price of Bitcoin has risen so high beyond our expectation to the point that it had added more than $2000 in less than 10 days. To some, it will be a mystery since other top altcoins like ethereum, XRP, Bitcoin cash, EOS, litecoin, cardano, Stellar Lumen, Tron are just following The Price […] The post Why Bitcoin Always Gains Against other Altcoins and Move Their Prices appeared first on ZyCrypto.

2018-7-24 21:43


Фото:

High Chance Amazon Will Partner With Ripple (XRP) In 2018

Not content with being one of the most ubiquitous companies in the world, it is speculated that Amazon is highly likely to partner with Ripple (XRP) in 2018. Ripple, an international real-time gross settlement company dealing in currency exchange, supports cryptocurrency exchanges and flat coins, has been exploring growth expansion into the banking sector.

2018-6-20 17:30