XRP Price Analysis: XRP successfully broke out of a resistance trendline on the daily chart

• XRP Coin made a successful breakout from bullish dominance, it remains to be seen if it sustains the breakout
• Stoch RSI and MACD are not in favor of a bullish continuance
• Volumes on the hourly time frame are coming in at high numbers

XRP Coin has broken out of a bearish trend on the daily chart. The coin made a breakout from the downward sloping resistance trend line. The coin has been very bullish over the last week and looks set to continue the bullish trend. However, the Stochastic Relative Strength Index (Stoch RSI) indicates that the coin might be overbought at the current levels. The coin has formed a crucial support zone at $ 0.55 on the daily time frame. The coin has a short-term resistance zone at $ 0.91.

XRP Coin has broken off a bullish parallel channel on the hourly chart. The coin has formed support at $ 0.66 followed by $ 0.60. The coin has been on the bullish channel over the last few days as the coin went on to make an attempt to break the resistance on the daily chart. The Moving Average Convergence Divergence (MACD) indicator indicates neutrality for the coin and it remains to be seen over the next few hours if the coin will be able to sustain the bullish momentum or not.

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Conclusion: 

XRP Coin has been on a bullish channel on the hourly chart and has broken out of the zone during the last few hours. The coin has witnessed a sharp increase in volumes over the last few days.

Support: $ 0.60

Resistance: $ 0.91

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderrson

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.