XRP First Time Trading Above the Price Levels of September 2018

  • XRP breaks multiple resistance levels and currently trading at $0.7155 with the massive intraday gain of 59.02%, facing the new resistance at $0.7680
  • The pair of XRP/BTC also performed well with the major gain of 55.54% standing at 0.00003858 BTC 
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Source: tradingview

Over the monthly chart, XRP shows a positive break from the falling channel pattern. Supported by the rising support line observed over the weekly chart and is trading at the price level of $0.7155 with a massive gain of 135.20% over the past seven days. The volume observed in the last 24-hours is $26,196,074,127 and the total market capitalization at $31,519,968,995. 

On the weekly chart,  EMA 20 gave a crossover to 50 days EMA for the first time, since we have observed the bearish trend after August 28, 2020. . It created positive momentum for XRP heading towards the new target of $0.8600.

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On the downside, the support is placed at $0.2320 and $0.1100 is the strong support of it. 

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Source: tradingview

On observing the daily chart it gave a positive breakout after testing the resistance thrice and after taking the support from the support line. Heading towards the target price level of $0.8000 and $0.8600 in the coming trading sessions.

Screenshot from 2020 11 24 12 44 01
Source: tradingview

The Relative Strength Index (RSI) over the weekly chart RSI was at the level of 88.33 with the sudden spike and still heading towards the overbought zone with no sign of weakness in the coming trading sessions.

The Moving Average Convergence & Divergence (MACD) after trading parallel to each other gave a positive crossover by suppressing the Bear’s line (red) by the Bull’s line (blue) created the positive momentum of the XRP.

Support levels: $0.2320 & $0.1100 

Resistance levels: $0.7680 & $0.8000

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Krystian Bielanskihttp://www.thecoinrepublic.com
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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