XRP Price Analysis: XRP Explodes To 4 Month High, Here Are The Major Levels To Watch
What’s Next for XRP Price?
XRP Price have been through a tough year as they have battled a lawsuit from the SEC & constant hate from other community members. Despite all of this, it has outperformed BTC & ETH along with many other cryptocurrencies the past month. BTC breaking above the $40,000 price level has allowed XRP to experience a strong revival of nearly 150% off lows. The overall cryptocurrency market has had an amazing August as the majority of coins have experienced a surge in buying that hasn’t been seen in many months.
While looking at the bottom of the chart, we can see how XRP bounced off its major support of $0.52, two times. This created a beautiful double bottom formation which has launched price like a spring! Once the major level of $0.77-$0.83 was cleared, XRP price has not looked back since. For price to continue this surge, bulls must barrel through the major resistance zone found at $1.31-$1.39.
This is a major resistance level as we can see how much price attempted to hold this back in April/May of this year. Breaking through this zone will send XRP price to $1.50+.
XRP Price Analysis: XRP/USDT 1 Day Chart<img src="https://s3.tradingview.com/snapshots/y/y5x82UCr.png" alt="TradingView Chart Snapshot">
At the time of writing, XRP price has just touched a near 4 month trend line. Breaking above this trend will be the last major trend to clear before a potential new high is set. With that being said, we can assume this will be a bit of a battle for the bulls. Failing to break this trend line will likely land XRP price back down to its minor support level of $1.19. In the case bears continue to pressure price down, we can expect XRP to land back within its major support zone found at $0.98-$1.09. This would be completely normal & would allow price to regain strength to push higher.
XRP Intraday Analysis