XRP Still On Course to $2.0, May Retest Major Support at $1.47 in Short Term

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XRP price is on rise since last two weeks, gaining nearly 300% in value. The bulls still yet to give up as XRP continues respecting its ascending channel. XRP has been dormant most of this bull cycle, thanks to the SEC lawsuit. This has recently changed as the 1 year returns nearly passes those of BTC.

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XRP Price Analysis: 4 Hr Chart Analysis

XRP Price Analysis
XRP Price Analysis

XRP’s last push from $1.40 was stalled out after it reached its 50% retracement level on the fibonacci, also met with the resistance level of $1.82.

The bears strictly defended that level today as XRP fell nearly 20% to the minor support level of $1.64. If XRP fails to hold this level, we can expect a price retracement to major support level of $1.47. In the case this level fails to hold, the next stops are plotted on the chart.

While looking at the Stochastic RSI (orange & blue) we see a reset to oversold conditions happening as the stage is setting up XRP for another potential run. Confirming this view, the regular RSI (purple) has printed a hidden bullish divergence. Once XRP breaks and holds the $1.82 resistance level, expect a run to $2+.

XRP Price Intraday Levels

  • Spot rate: $1.81
  • Trend: Bullish
  • Volatility: High
  • Support: $1.64
  • Resistance: $1.82

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Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com