Ripple Records 30% Price Increase In 7 Days: Still 93% Below ATH (XRP Analysis)

  • XRP saw a strong 9.5% surge today as it reached as high as $0.27.
  • This price increase caused XRP to create a fresh 5-month high.
  • Against Bitcoin, XRP is recovering as it finally managed to break above the 100-days EMA at 2200 SAT.

XRP/USD: XRP Bulls Reach Fresh 5-Month Highs

Key Support Levels: $0.255, $0.245, $0.234.Key Resistance Levels: $0.27, $0.282, $0.29.

XRP managed to surge by 30% this week. The coin had started the week by trading beneath the 200-days EMA at $0.21. From there, it broke above this resistance and started to push higher.

XRP found some resistance at $0.245 for a couple of days but eventually broke above it yesterday to reach $0.255. In today’s session, XRP continued higher to reach $0.27 (1.272 Fib Extension) and create a fresh 5-month high.

xrpusd-aug1XRP/USD. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, if the bulls push above $0.27, resistance lies at $0.282 (1.414 Fib Extension), $0.29, and $0.296 (bearish .786 Fib Retracement). This is followed by added resistance at $0.3

On the other side, the first level of support lies at $0.255. This is followed by support at $0.245, $0.234 (.382 Fib Retracement), $0.23, and $0.223 (.5 Fib Retracement).

Both the RSI and Stochastic RSI are extremely overbought, which indicates the market may be a little overextended. In fact, the RSI has not been this extremely overbought since September 2018.

XRP/BTC: Bulls Finally Break 100-days EMA

Key Support Levels: 2250 SAT, 2200 SAT, 2100 SAT.Key Resistance Levels: 2344 SAT, 2400 SAT, 2450 SAT.

Against BTC, XRP had been struggling to overcome the resistance at the 100-days EMA at around 2200 SAT. Each time the coin attempted to break this resistance in July, it failed. During the week, XRP dropped lower into the 2022 SAT support, where it rebounded.

It returned to the 2200 SAT resistance and broke above this level yesterday. XRP continued advancing today as it reached as high as 2344 (1.272 Fib Extension).

xrpbtc-aug1XRP/BTC. Source: TradingView

XRP-BTC Short Term Price Prediction

Moving forward, if the bulls push above 2344 SAT, resistance lies at 2400 SAT (1.414 Fib Extension), 2450 SAT (200-days EMA), and 2460 (bearish .382 Fib Retracement).

On the other side, the first level of strong support lies at 2250 SAT. Beneath this, added support is found at 2200 SAT, 2100 SAT, and 2071 SAT.

The RSI is in the bullish favor as it sits above the 50 line. It is still not overbought, which suggests that XRP still has room to push higher yet.

The post Ripple Records 30% Price Increase In 7 Days: Still 93% Below ATH (XRP Analysis) appeared first on CryptoPotato.

Publication date: 
08/01/2020 - 16:48

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