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XRP Successfully Breaks Through $0.30

2 mins
Updated by Ryan Smith
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In Brief

  • The XRP price is trading inside resistance at $0.295. The next long-term resistance and support levels are found at $0.47 and $0.175.
  • XRP created a bearish doji on August 2.
  • The price is following a short-term ascending support line.
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The XRP price increased by 50% in July, reaching a significant long-term resistance level above which it has not traded in a year.
While a short-term retracement could occur, XRP should eventually move above this resistance level.

Long-Term Levels of Importance

The weekly chart for XRP shows that the price is trading inside a crucial resistance area at $0.295. The price has not reached a weekly close above this level since August 2019, despite wick highs that have exceeded it. Weekly technical indicators are bullish, suggesting that the price will eventually break above this level. Both the MACD and RSI are increasing and have not formed any type of bearish divergence. Furthermore, volume was considerable during the bullish engulfing candlestick created last week. If the price continues to rise, the next resistance level would be found at $0.47, while in the case of a fall, the closest support area would be found at $0.175.
XRP Long-Term Movement
XRP Chart By TradingView

Bearish Doji: Sign of XRP Weakness?

Cryptocurrency trader @CryptoNTez outlined an XRP chart, which shows a breakout from a descending resistance line and gave targets of $0.350 & $0.475 for the upcoming move, the latter of which coincides with our long-term resistance level.
XRP Movement
Source: Twitter
The XRP price has been increasing rapidly since breaking out from a resistance line on July 8 and then validating it on July 20. We can also see minor resistance and support levels at $0.345 and $0.230, the latter of which previously acted as resistance. Similar to the weekly chart, technical indicators show that the move still has momentum on its side. However, the bearish long-legged doji on August 3 casts some doubt into the strength of the upward move, since it’s a sign of weakness following the rapid rise. The current daily close is essential for the future of the trend. A bullish close near the wick resistance would indicate that the price could head further to the minor resistance at $0.345. A bearish close would likely mean the opposite.
XRP Bearish Doji
XRP Chart By TradingView

Short-Term Retracement

The short-term chart does not provide a clear direction for the trend, even though it’s also leaning on the bullish side. The price is following an ascending support line, currently aiming for the 0.786 Fib level of the August 2 decline. A breakout above this level would likely take the price to the $0.326 high. It’s interesting to note that the previous decrease touched both the 50 and 100-hour moving averages (MA) and was bought up quickly since XRP is currently above both MAs. Technical indicators are neutral, with the RSI being near 50 and the MACD near the 0 line. Considering that the outlook from the daily and weekly charts are bullish, the bearish signs in the hourly chart are not significant enough to offset this.
XRP Short-Term Retracement
XRP Chart By TradingView
To conclude, even though the XRP price has been increasing with strength since a breakout at the beginning of July, a short-term retracement is due, possibly after the price reaches the $0.345 resistance area outlined above.
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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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