XRP against critical resistance after 22% weekly gains

XRP / USD – XRP struggles with 200-day MA resistance

Important support levels: $ 0.71, $ 0.667, $ 0.638.
Important resistance levels: $ 0.781, $ 0.828, $ 0.89.

The 21.5% increase for XRP this week caused the coin to climb above the 20-day MA by $ 0.6 to hit the current level of $ 0.74. In the past fourteen days it broke a descending wedge formation and began rising within an ascending price channel.

The price channel allowed XRP to break the 50-day MA last week, but the coin is now struggling to break the 200-day MA at around $ 0.781. Additionally, there is a bearish 0.236 fib that is adding resistance here as well. The market has declined five times at the 200-day MA, but the lower bound of the price channel continues to offer support.

XRP / USD daily chart. Source: TradingView.

XRP-USD Short Term Price Prediction

Looking ahead, initial resistance is at $ 0.781 (200-day MA & 0.236 Fib bearish). This is followed by $ 0.828 (2020 highs), $ 0.89 (1.272 Fib extension), $ 0.94 (100-day MA), and $ 1.

On the flip side, the initial support is at $ 0.71 (lower angle of the price channel). This is followed by $ 0.667 (50-day MA), $ 0.638 (20-day MA), and $ 0.6.

The daily RSI is in the bullish territory and pointing up, suggesting that buying momentum is picking up.

XRP / BTC – Bulls fail on 50-day MA

Important support levels: 1800 SA, 1750 SA, 1660 SA.
Important resistance levels: 1900 SA, 2000 SA, 2122 SA.

XRP also does well against BTC, as it is 1800 SAT above the 20-day MA. However, the coin is struggling to break the resistance at 1800 SAT provided by a 50-day MA. The level there is also further supported by a long-term descending trend line and the fact that these are the lows from July 2020.

The coin still has strong support below, but the combined resistance at 1900 AST would need to be overcome before XRP can hit the July highs around 2000 SAT.

xrpbtc-aug2-minXRP / BTC daily chart. Source: TradingView.

XRP-BTC Short Term Price Prediction

Looking ahead, the first resistance is at 1900 SAT (July 2020 low, 50-day MA and falling trendline). This is followed by 2000 SAT, 2122 SAT (bearish .236 Fib) and 2290 SAT (100-day MA).

On the other hand, the first support is at 1800 SAT (20-day MA). This is followed by 1750 SAT (200-day MA), 1660 SAT (June support) and 1550 SAT (November 2020 low).

The RSI is just above the center line and is the highest value since mid-May. If momentum can continue on the upside, XRP should have no problem breaking current resistance.

SPECIAL OFFER (sponsored)
Binance Futures 50 USDT FREE Coupon: Use this link to register and get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register and enter the POTATO50 code to receive 50% free bonus on every deposit up to 1 BTC.

Disclaimer: The information found on CryptoPotato is that of the cited authors. It does not represent CryptoPotato’s opinion on whether to buy, sell or hold investments. It is recommended that you do your own research before making any investment decisions. Use the information provided at your own risk. For more information, see Disclaimer.

TradingView’s cryptocurrency charts.

Comments are closed.