December 6, 2022

Ripple Price Analysis: XRP Forms Bull Flag After Getting Rejected at 200 MA

2 min read

XRP/USD – – XRP Forms Bullish Flag Pattern.

Secret Support Levels: $0.7, $0.658, $0.6.
Key Resistance Levels: $0.72, $0.828, $0.9.

XRP carried out well in the final weeks of July as it surged inside an ascending price channel, allowing it to reach the 200-day MA at $0.78. Regrettably, it has considering that been not able to get rid of the 200-day MA in August and has considering that started to retrace to $0.7.

The marketplace has actually now formed a bullish flag pattern as the purchasers attempt to safeguard the lower angle of the flag. Usually, bullish flags break out towards the benefit so long as the RSI momentum does not turn bearish on the everyday chart.

XRP/USD Daily Chart. Source: TradingView. XRP-USD Short Term Price Prediction

Looking ahead, the very first resistance lies at around $0.72 (the upper angle of the flag). This is followed by $0.78 (200-day EMA & bearish.236 Fib),

$ 0.8282(2020 highs), and $ 0.9 (1.272 Fib Extension). On the other side, the first solid assistance beneath $ 0.7 lies at $ 0.658(50-day MA ). This is followed by $ 0.6,

$ 0.556(2019 high), and $ 0.51( – July low). The RSI is boiling down, indicating the bullish momentum developed towards the end

of July is fading. XRP/BTC – Bulls Continue Battle With 50-day MA. Key Support Levels: 1800 SAT, 1750 SAT,
1660 SAT. Secret Resistance Levels: 1900 SAT, 2000 SAT, 2120 SAT.

Versus BTC, XRP continues to have a hard time to break the resistance at the 50-day MA around 1900 SAT, which is likewise the July 2020 low.

The coin bounced from the 20-day MA at 1800 SAT at the start of August however is still yet to produce a daily closing candle beyond the 50-day MA. A long-lasting descending pattern line is also boosting the resistance at 1900 SAT.

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XRP/BTC Daily Chart. Source: TradingView. XRP-BTC Short Term Price Prediction

Looking ahead, the very first resistance lies at 1900 SAT (July 2020 low, 50-day MA, & & falling trend line). This is followed by 2000 SAT, 2120 SAT (bearish.236 Fib), and 2290 SAT (100-day MA).

On the other side, the very first assistance lies at 1800 SAT (20-day MA). This is followed by 1750 SAT (200-day MA), 1660 SAT (June support), and 1550 SAT (Nov 2020 low).

The RSI continues to fight to break above the midline as the bulls try to establish momentum. It would need to stay above the midline for XRP to be able to break the 1900 SAT resistance.