Ripple Price Analysis: Breakout Confirmed, Time For Rising?

XRP LOOKS POTENTIAL FOR ANOTHER BULLISH RUN
  • XRP price gave a breakout on the line charts a few days back and confirmed it today be retesting the resistance
  • XRP price may rise by 55% if it touches the previous high 
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XRP price shows a confirmed breakout on the charts, as the retesting of resistance has been done in today’s session. The previous high of the coin is at $0.78, 55% up from the current levels. The market cap and 24-hour volume are $19,954,760,985 and $1,695,604,639 respectively. 

Ripple(XRP) Technical Analysis: Rejected Twice From The Same High 

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XRP price surged 56% post the breakout and touched the previous high of $0.78 within two days. However, the price couldn’t sustain the levels and dropped precipitously on the very day. 

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Now the volume analysis suggests that the volume has gone down drastically; an indication of no direction of the coin. The price range volume analysis suggests a higher number of buyers at the current levels, which reduces the possibility of prices going down. 

The price is currently receiving support from a central pivot level($0.4304), 10EMA($0.39), 20EMA($0.361) and 50EMA($0.346). The 20EMA and 50EMA are also having a bullish crossover, as the 20EMA crosses up from 50EMA; which might bring in more buying. 

The Bollinger Band(10EMA Median) expanded to confirm the breakout. But the bands are contracting now, due to the declining volatility. Contraction of the band creates a possibility of saturation. The lower band and 10 EMA(median) are supports for the coin at $0.25 and $0.39. 

The RSI(14) has received a rejection from the overbought line(80), as the price got rejected at the level of $0.78. The RSI is now consolidated or may drop as the coin lacks the necessary strength. 

The MACD(8,21,5) flashed a buy signal when the breakout happened. The breakout and price movement dragged the MACD out of the negative zone. However, the indicator shows consolidation at the current level since the prices are stagnant. 

Conclusion – 

XRP price already achieved its target in two days after giving a breakout which made the coin tumble down thin. The bulls entered and exited the coin entirely, leaving the coin consolidated at the same level. 

Support: central pivot level($0.4304), 10EMA($0.39), 20EMA($0.361) and 50EMA($0.346)

Resistance: $0.53-$0.54(R1 levels and Upper BB) and $0.78(Strong horizontal Resistance) 

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Kartik Dhankanihttp://thecoinrepublic.com
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

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