XRP Price Analysis: Price Breakout, Preparing For More

• XRP price was consolidated in the symmetrical triangle but has successfully given a breakout and confirmed the presence of resistance along the previous top $0.62-$0.63
• The price is expected to consolidate in the ascending triangle with resistance at $0.62-$0.63

XRP price gave a breakout from the symmetrical triangle this morning and is now headed towards the immediate resistance at $0.62-$0.63. The volume analysis suggests increased participation by the bulls as the buying volumes seem marginally more than the selling volume while the daily volume has also risen. The market cap and 24-hour volume are $27,091,806,194 and $10,667,249,899 respectively. 

Another Ascending Triangle In Formation For XRP Price

XRP price has been spotted, forming another ascending triangle after giving a breakout in the last session (daily chart). However, the coin has a longer upper wick, suggesting some profit-booking in intraday time frames. 

The price is above the 10EMA, 50EMA and 200 EMA, which are at $0.55, $0.547 and $0.46. But the 20EMA is pushing the price down at $0.6. IAlso, 20EMA and 50EMA have given a bullish crossover, which increased the probability of a more vigorous bull run for the coin. 

The Bollinger Bands are sideways, which can cause the price to halt instead of rising. The price is above the median – 10EMA, which supports bulls but in a weaker form. The supports are found along the 10EMA(median) and lower band, i.e. $0.557 and $0.484. The upper band restricted the prices in this session to $0.63. 

The RSI has started rising from 57 levels towards 80 levels. It may find resistance along 65 levels(current levels are 62.5). A successful breakout above the 65 levels may help the coin surge above the previous top $0.635. 53-55 levels provide support. 

The MACD(8,21,5) is preparing for a bullish crossover, which is expected to bring in more bulls for the coin. The MACD is in positive territory, so a strong rally shouldn’t be expected from hereon. 

Conclusion – 

XRP price is hovering above the previous resistance. However, it confirmed the presence of resistance at $0.62-$0.63 in today’s session; this created a possibility for forming an ascending triangle that might inflate the price further to the all-time high of $0.75. Indicators are in favour of a mild bull rally. 

Support: 10EMA – $0.557, 50 MEA – $0.5487 and lower BB – $0.46

Resistance: 20EMA – $0.60 and Upper BB – $0.63 

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