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XRP price surges back as report shows CEO Coinbase Brian Armstrong, express strong support for ripple and XRP in the legal suit against the U.S security exchange. Earlier this year the legal war had made multiple crypto exchanges turn their back on Ripple. Major headlines have it that, Ripple in partnership with the Pyypl company launched their first On-Demand Liquidity service (ODL) in the Middle East.
This would be made possible by the ODL leveraging on the Ripple’s native token XRP and getting rid of costly pre-funded accounts.
This development happens to be in favor of the small and medium-sized enterprises (SMEs) for faster, smoother, and low cost in payment channels.
As crypto adoption gets wider, XRP is seen to be accepted as a payment method for educational courses and scientific degrees by Paraguay’s Universidad Americana and also as a payment method at the Belgian restaurant Frietshop Wetteren for meals.
Let’s analyze the XRPUSDT price charts and glean insights into how the new events affect the XRP price direction.
XRP Price Analysis: Weekly Chart Analysis
The uptrend for the XRPUSDT was confirmed following a higher peak on 21 Nov ’20 and a new RSI value above level-75 on the monthly time frame. Now that the monthly time frame shows a clear uptrend, the weekly chart oversold values below level-25 will signal our decision to enter long-only trades.
Buy entry signals on 28 December ’20 and 21 June ’21 confirmed re-entry points into the uptrend as the XRP price broke the 0.7807 resistance and now turns it into support with a significant bear-trap signal.
XRP Price Analysis: Daily Chart Analysis
The daily overview reveals the XRPUSDT forming bullish and bearish swings with a deeper bearish trend that started after the 14 April Inside bar resistance.
A slowing of bearish momentum started after the bears found support on 22 June ’21 at 0.50921, forming a double bottom candlestick pattern.
Demand for the XRP altcoin resumed after the double bottom chart pattern, only to find resistance after the regular bearish divergence on 06 Sep ’21.
The bulls are again making another attempt for the XRP price all-time high as they slowly build momentum, which can be viewed with the RSI showing readings above level-25.
XRP Price Analysis: 4 Hr Chart Analysis
The intraday 4HR time frame shows the XRPUSDT in a range-bound market structure as the XRP price trades between the 1.23129 resistance and 1.01668 support.
- We expect to see a surge in upward momentum if the RSI fails to reach level-25.
- Higher price levels above $1.3074 will signal a bullish campaign with trigger points on the 1HR time frame in the form of oversold levels.
- Lower values below level-25 will only imply a likelihood of upward control on the daily time frame.
Ripple XRP Intraday Levels
- Spot rate: 1.0822
- Mid–Term Trend [H4]: Bullish
- Volatility: low
- Support: $1.01668, $1.0521
- Resistance: $1.8664, $1.23129
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.