XRP Price Analysis: Bulls Returned, Party Resuming

Minor Rise In XRP Price Expected, indicators Close To Overbought
  • XRP price has given a breakout from a flag and pole pattern on the 4-hour time frame 
  • XRP price surged 5% approximately to confirm the breakout but faced resistance from immediate resistance from Fibonacci level and EMA 
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XRP Price, on the 4-hour time frame, has given a breakout from a flag and pole pattern. The volumes appear to be low but sufficient to support a new bull rally. The price range volume analysis shows a similar level of buying and selling volume at the current level, but once the price rises to subsequent levels, the selling volumes are low; this can push the rally forward. The market cap and 24-hour volume are $25,678,507,178 and $6,205,821,360 respectively. 

Minor Rise In XRP Price Expected, indicators Close To Overbought  

www.tradingview.com

XRP price after giving breakout faced another resistance based on the technical charts of the 4-hour time frame. The diagonal resistance, horizontal resistance and 78.6% Fibonacci level interrupted the bull run. The 61.8% and 50% Fibonacci levels supported the prices at $0.588 and $0.549, respectively. 

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The price is currently receiving support from 10 EMA and 50EMA, which sustain at $0.59 and $0.52, respectively. The 20EMA pushed the price back in today’s session from $0.59 levels(resistance level).

The Bollinger Band has not verified the breakout yet; instead, it continues to contract. The contraction in Bollinger Band is unhealthy for a breakout; it can spoil the entire bull run. Resistance is imposed by the upper band at $0.63, while support is given by 10EMA(median) and lower band at $0.556 and $0.476, respectively. 

The RSI is at 62.12 and taken off from the 60 level’s (strong support). The immediate resistance lies at 80; this can help the coin rise until the previous high. 

The MACD(8,21,5) makes a positive reversal, with the fast line rising again towards the slow line to signal a BUY sign. The previous top of the indicator was at 1.12-1.13, while the current level is 0.8.

Conclusion – 

XRP price has given a breakout and surged 5%, but met with a cluster of resistance from Fibonacci levels and diagonal and horizontal resistances. The price is also facing resistance from 20 EMA, which it needs to surpass to bring in a strong bull rally. Immediate Fibonacci levels and 50EMA provide support. 

Support: $0.55(10EMA and 61.8% Fibonacci level), $0.51-$0.52(50% fibonacci level and 50EMA)  

Resistance: $0.6(20EMA and 78.6% Fibonacci level) and $0.63-$0.64(Upper BB and 100% Fibonacci Level) 

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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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