XRP Stalls at 4-Month Trend Line – A Break to $2?

Briefly

  • XRP has witnessed its price rising by more than 140% in one month.
  • XRP attempts to keep away its four-month downtrend.
  • If the token fails to maintain $1.20, it will experience retracements.

If BTC remains steady, XRP might see bullish moves past the $1.30 mark. The pressing Ripple vs. SEC lawsuit hasn’t damaged the alt’s price since last month.

XRP has stalled in the past sessions as the coin’s price faced rejections from XRP’s four-month plunging line. After the bullish sentiments that pushed the asset to around $1.35 last week, the bulls lack the momentum to register an upside breakout. Such developments come as Bitcoin and other top coins saw monthly highs over the past few weeks.

Meanwhile, RXP created an ascending price channel since hitting the $0.50 lows. With that, the alt had its price supported by the trend line since last month. While publishing this content, XRP tried to break out from its four-month trend-line. Besides the trend-line, Ripple’s XRP has a critical resistance at $1.28 to $1.37.

For now, the token has to break and maintain this zone for a massive rally past $1.40. With enough bullishness, the asset will magnify its chances to trade in the $1.50 to $1.70 range soon.

Price Analysis

XRP has had its price holding over the $1.19 minor support for about two days. Increased bearishness to push the coin beneath the level, XRP would see a near-term plunging trend. With that, XRP will depend on the channel’s lower bottom for a bounce. Failure to that, the altcoin will see its price actions back to the $1.00 to $1.10 range.

Remember, the 15 MA lies beneath the bottom trend that held the coin over the past few weeks. If the price touches this MA, XRP will see a bounce. XRP breaking beneath this zone will translate to a bearish trend.

For now, the Stochastic RSI appears to fall towards the overbought region. According to MA’s actions, the crypto might see another downfall. The strength seems ready to drop to the oversold zone. Such a move will lead to massive selling.

Intraday Analysis

  • Spot rate -$1.22
  • Trend – bullish
  • Volatility – high
  • Support level – $1.19
  • Resistance level – $1.28