XRP has been on tear the 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.
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 intraday levels
Spot rate: $1.81
Trend: Bullish
Volatility: High
Support: $1.64
Resistance: $1.82
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 intraday levels
Spot rate: $1.81
Trend: Bullish
Volatility: High
Support: $1.64
Resistance: $1.82
