XRP Price Analysis: XRP Bulls Eye on The Mark of $2.00, After Breakout From Pattern

  • XRP price successfully broken out from the bullish flag pattern over the monthly chart, while bulls pushing it towards the phycological mark of $2.00 
  • Currently, the coin is trading above the significant moving averages of 20,50,100 and 200-Day and built a strong bullish engulfing candle over the monthly chart
  • The pair of XRP/BTC also trading positive with significant intraday growth of +16.80%, which is standing at 0.0000299 BTC 
Source:tradingview

XRP price over the monthly chart has given a breakout from the bullish flag pattern and presently trading on a bullish note. However, after witnessing a strong downtrend due to a massive selloff, XRP bounced sharply, respecting its 50-Day Moving Average. Meanwhile, the overall long term trend is still bullish, and the digital asset is successfully trading above all major moving averages of 20,50,100 and 200-Day. Likewise, support on the lower side is $1.20 and $0.97; whereas, resistance on the higher side is $1.80 and $2.00. The volume seems low as it falls below the average line. 

Source:tradingview

XRP price over the weekly time frame has formed a bullish chart structure after the breakout from the falling channel pattern. Similarly, support on the lower side is situated at $1.39 and $1.22, while resistance on the higher side is placed at $1.68 and $1.80. Currently, XRP is trading positively at the price level of $1.62 with an intraday gain of +14.35%, and volume over the last 24-hour jumped over +46.63%, standing at $11,905,907,585. Meanwhile, the XRP remains at 4th position, with total market capitalization stands at $73,416,865,605 with an intraday gain of +14.87%.  

Relative Strength Index (CAUTION) indicates bullish momentum while trading inside the overbought zone at 73.62. However, XRP can observe small profit-taking in the short term. 

Moving Average Convergence Divergence (CAUTION) currently indicates a bullish trend on the daily chart, as it is trading with the significance of the buyer’s signal line (green) over the seller’s line (red) created a positive crossover. Since a strong momentum is already observed, so intraday corrections are expected.   

Support levels: $1.20 and $0.97 

Resistance levels: $1.80 and $2.00

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