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- XRP price has revived nearly 40% off its low of $0.50
- The 25 Day MA has held XRP from starting a bullish trend
- Price is currently trying to breakout of a 45 day falling wedge
XRP price has had a wild 2021 as the ongoing SEC lawsuit with Ripple has put much strain on XRP investors and traders. After months of consolidation under $0.50, XRP broke out and had a large pump to $1.95. Since then, it has been stuck in a downtrend along with the rest of the cryptocurrency market. At the time of writing, price is attempting to breakout of a large bullish falling wedge pattern.
The bullish falling wedge (shown in green) has held the price in a downtrending consolidation the last 45 days. Bulls are currently attempting a breakout which if deemed successful, XRP will have a great shot of hitting prices above $0.80 in the short term. Along with the top trend of the falling wedge lies the 25 day MA. The price has been stuck under this MA for nearly 2 months & as it has acted as a price barrier. A breakout above will surely confirm a bullish trend in underway.
XRP Price Analysis: XRP/USDT 1 Day Chart
Along with the 25 Day MA, there is a major resistance zone that bulls must power through. This area is an 8 cent zone ranging from $0.699-$0.787. If price manages to break through and hold this area, a bullish trend is confirmed for XRP and price will make its way to its two target ranges of $0.90 & $1.03. In the case bears stop the breakout, XRP will find support at $0.63 & $0.575.
While looking at the Relative Strength Index, we can conclude strength has broken over a 75 day trend. To confirm a bullish upswing on the price, the strength must break and hold over the 50 value. The MACD has been flat nearly all of June which can signal a big move is impending. A bullish cross was experienced last week and the MA’s have their eyes set on a break to bullish territory over the 0 mark.
XRP price intraday levels
- Spot rate: $0.6920
- Trend: Neutral
- Volatility: Medium
- Support: $0.63
- Resistance: $0.70
The post XRP Price Analysis: XRP Tries Breakout of 45 Day Falling Wedge, Can it Break $1 Level? appeared first on Coingape.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.