XRP Price Analysis: XRP Inches Its Way To A Bullish Breakout
XRP Price Overview
Ripple & XRP price have had a wild last 7 months as the price of XRP has been largely affected by the ongoing SEC lawsuit. Ripple has been scoring multiple wins against the SEC as just today they have won a ruling regarding a deposition involving a former high level SEC official, William Hinman. Ripple wants to know why BTC & ETH received a “free pass” regarding their regulatory status. They often refer to a speech given by Hinman in 2018 that stated BTC & ETH were not securities. Many speculate that the result of this lawsuit will have a massive impact on the cryptocurrency market as a whole.
While looking at the price chart, we can see how XRP price has been respecting a near 2 month descending channel (shown in red). Price has rejected off the top trend line multiple times throughout this period as bulls can’t seem to pull off the breakout. At the time of writing, XRP is attempting a breakout of the top trend line within its descending channel. If this is deemed successful, XRP price will have to clear its 125 MA which has acted as a barrier for nearly 60 days.
XRP Price Analysis: XRP/USDT 4 Hour Chart
If bears take control & reject this breakout and price turns bearish, it must hold its current support of $0.589 or it will see a fall to lower levels. The next support for XRP lands at $0.538 which is the last major support until mid $0.40s. This will likely happen if BTC fails to hold its $30,000 support level.
While looking at the RSI, we can see it has been bouncing back & forth below the 50 value. A clean break of the 50 value will likely shoot XRP right to its major resistance around $0.634. The MACD tells a similar story as it has been consolidating below the 0 line awaiting a bullish break.