XRP Could Be at the Last Point of Support Prior to a Massive Takeoff

XRP (XRP) Highlights

• The price broke out from a descending wedge.
• It has found support above its 200-day moving average.
• There is support at 2,900 satoshis.
• There is resistance at 3,250 satoshis.
• It could be at the last point of support following a Wyckoff distribution.

Altcoin trader @altcoinsherpa outlined an XRP chart showing that the price is right at the 200-day moving average (MA), a breakout above which could mean that the accumulation phase is over and that it is ready to move upwards.

$XRP $ALTS #Ripple #xrparmy: The more zoomed in screenshot, I still think XRP looks good and will pump strongly in the coming weeks. It's only a matter of time IMO. Maybe a 50/200 EMA cross incoming within a few weeks (interesting that those two EMAs were S/R lvls too) #ihaveabag pic.twitter.com/yvxiixc2rH

— Altcoin Sherpa (@AltcoinSherpa) February 18, 2020

Wedge Breakout

On Feb 4, the XRP price broke out from a descending wedge. It returned to validate the resistance line on Feb 11 and has been increasing since. The price reached a high of 3,349 satoshis on Feb 15 before decreasing. There are clearly defined resistance and support areas found at 3,250 and 2,900 satoshis respectively. The price is currently inside the support area. Some range trading inside these two areas is to be expected in the near future.

XRP Technical Indicators

Technical indicators are bullish. The price is trading above both the 50 and 200-day MAs, finding support above the latter. Also, the 50-day MA is moving upwards, setting up a bullish cross. The RSI looks primed for a bounce at the 50-line. Therefore, the most likely movement seems a price increase towards the resistance area of 3,250 satoshis.

Wyckoff Distribution

The XRP trading range since September 2019 can be explained using the Wyckoff distribution. BeInCrypto has slightly adjusted the prediction from the previous analysis on the assumption that the price is currently at the ‘last point of support.’ Since the price has reached an optimal level for a reversal, this could be the final higher-low before the price initiates a rapid increase and moves above the 3,750-satoshi high in what is known as the ‘show of strength,’ a breakout above the trading range that could take the price to new highs. To conclude, the XRP price has reached a significant support area. It will likely bounce from this level and head towards the range high at 3,250 satoshis — possibly targetting 3,750 satoshis afterward.