XRP Price Showcasing Strength After Three Days Of Successive Fall

  • XRP price showing some sign of stability after a fall from $1.65, while currently holding 20-Day SMA
  • Although XRP has not participated in the rally of Atl season now, we can expect positive momentum in an upcoming session
  • The pair of XRP/BTC is trading positive with an intraday gain of +3.28%, standing at 0.00002708 BTC  
Source:tradingview

XRP price now seems to be ready for another positive rally, as the coin holds the short-term moving average (MA) of 20-Day. Since a sharp fall or profit taking is seen in the coin from the past few days. However, after making a high of $1.96, the coin is in bearish momentum, creating a lower high and lower low sequence. 

Somehow, now XRP looks ready for take-off from current levels, and a bullish rally till $1.60 to $1.75 is expected. Moreover, the digital asset is trading above all significant and vital moving averages of 20, 50, 100, and 200-Day. Over the monthly chart has built a bullish engulfing candle; now, the immediate resistance is $1.67 and $1.98. Similarly, support on lower levels is located at $1.30 and $0.98.  

Source:tradingview
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XRP price over the weekly chart is on the urge for a positive breakout, supporting the technical indicators. In a 4-hour time frame, it has formed a bullish engulfing candle and with good volume support. The breakout above the $1.66 will create a huge momentum till $1.70 and $1.83 in a very short term. When writing, the coin is trading at the price of $1.55 with an intraday gain of +8.87%. Similarly volume also jumps around +35% standing at $13,544,058,586. However, XRP slipped from the rank of 4th and presently placed at 5th rank with a total market capitalization of $72,230,917,609.  

Relative Strength Index (BULLISH) indicates bullish momentum while heading towards the overbought zone at 58.62. However, XRP can observe a sharp rally in the upcoming trading session. 

Moving Average Convergence Divergence (BULLISH) currently indicates a bullish trend on the daily chart. As XRP is trading with the significance of the buyer’s signal line (green) over the seller’s line (red) just created a positive crossover.   

Support levels: $1.30 and $0.98.   

Resistance levels: $1.67 and $1.98. 

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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