XRP Breaks Right Through Long-Term Resistance

2020-7-30 18:01

On July 28, the XRP (XRP) price broke out from a long-term resistance area that had previously been in place since March 2019.

As long as the price is trading above this level, the trend is bullish, with XRP likely to move towards the next resistance area outlined below.

XRP’s Long-Term Breakout

Since the beginning of March 2019, the XRP price had been trading below the $0.230 area. The price reached this area on April 30, validating it as resistance after which it fell. Yesterday, the price finally broke out successfully. This same area should now act as support.

Technical indicators are bullish. The price has broken out above the 50 and 200-day moving averages (MA), the latter of which previously coincided with the $0.230 resistance area. The MAs are close to making a bullish cross.

The daily RSI is overbought, but there is no bearish divergence yet, while the MACD is growing. Therefore, the outlook for the daily time-frame remains bullish.

If the price continues to rally, the next resistance area would be found at $0.270, the February 2019 support levels.

XRP Chart By Tradingview

Cryptocurrency trader @Damskotrades outlined an XRP chart that shows several targets above the current price, at $0.270 and $0.335, respectively, the former of which is the closest resistance area outlined above.

Source: Twitter Parabolic Rise

Since July 16, the XRP price has been rising alongside a parabolic ascending support line. While this rise is unsustainable in the long-run, XRP can continue increasing alongside it for a while.

Technical indicators show some weakness, more specifically the bearish divergence on the RSI, but volume is increasing, and so is the MACD.

Therefore, after a possible drop to validate the parabolic line once more, XRP could continue rallying and reach the previously outlined $0.27 resistance area.

XRP Chart By Tradingview

We have outlined a five-wave Elliott formation since the parabolic line began, with an extended fifth wave, inside which the price is currently trading.

The proposed decline would be sub-wave 4 of this wave, and then the final rise would take the price to $0.270.

XRP Chart By Tradingview

To conclude, the XRP price has likely begun a new bullish trend. While a short-term retracement is possible, the price should reach the resistance area outlined above.

The post XRP Breaks Right Through Long-Term Resistance appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ripple (XRP) на Currencies.ru

$ 0.53 (-0.26%)
Объем 24H $621.639m
Изменеия 24h: -1.58 %, 7d: 2.49 %
Cегодня L: $0.5267 - H: $0.5331
Капитализация $29.377b Rank 7
Цена в час новости $ 0.2408 (120.1%)

xrp resistance area long-term price trend level

Источник: beincrypto.com

xrp resistance → Результатов: 126


XRP Manages to Hold on to Long-Term Support

The XRP price has broken out from a two-year-long resistance line. If the price manages to hold on to the current support area, it is likely to continue moving upwards. Breakout From Two-Year Resistance At the beginning of July, the XRP price broke out from a resistance line that had previously been in place since […] The post XRP Manages to Hold on to Long-Term Support appeared first on BeInCrypto.

2020-9-2 18:12


Hive.One Crypto Influencers Platform Sees XRP Supporters Request Removal of Ripple Accounts Section

Hive.One Forced To Remove Ripple Accounts Section By XRP Supporters The platform’s team confirmed that it endured plenty of criticism but declined to reveal the reason for the blame, and instead put out a statement, showing that this was the first time that they had encountered this kind of resistance. They suggested that they were […]

2018-9-25 21:32


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

XRP Price Prediction: Bullish Breakout In the Works

The XRP price is expected to break out from the current triangle pattern after consolidating for a short period of time. It's unclear if it will be able to reclaim the long-term $0. 60 resistance area after.

XRP Price Eyes $0.60 But the Bottom Is Likely Not In

Over the last week, the XRP price charted a 15% uptick from the $0.45 level and is now oscillating near the $0.53 mark. The post XRP Price Eyes $0.60 But the Bottom Is Likely Not In appeared first on BeInCrypto.

XRP Whales Continue Accumulating as Sentiment Turns Positive

XRP has managed to outperform every cryptocurrency in the top 100 coins by market cap gaining over 67% in the last week alone, but what’s behind these bullish waves? The post XRP Whales Continue Accumulating as Sentiment Turns Positive appeared first on BeInCrypto.