June 22, 2021

Ripple Price Analysis: XRP Up 36% Weekly, Facing Huge Resistance

2 min read

XRP/USD – – Bulls Back On The Offensive

Key Support Levels: $0.569, $0.505, $0.453.
Secret Resistance Levels: $0.609, $0.635, $0.675.

XRP managed to surge by around 36% this week as the cryptocurrency trades at $0.57. Recently, XRP pressed above a descending pattern line that went back to early December 2020. After breaking this pattern line, the coin began to rally, reaching as high as $0.675 the other day.

Sadly, it could not close a day-to-day candle light above $0.635 and has actually dropped lower today, increasing as low as $0.5 (.382 Fib). It managed to rebound from there to trade back above $0.57 (.236 Fib) assistance.

Undoubtedly, the first level of significant resistance lies at around $0.6.

XRP/USD Daily Chart. Source: TradingView XRP-USD Short Term Price Prediction Looking ahead, the very first resistance

lies at $0.609(1.414 Fib Extension). This is followed by $0.635,$0.675 (yesterday’s high), and$ 0.685 (1.272 Fib Extension). Extra resistance lies at $0.718 (bearish.886 Fib), $0.75, and $ 0.77 (1.618 Fib Extension). On the other side, the very first support lies at $ 0.569(.237 Fib ). This is followed by $ 0.505 (.382 Fib), $ 0.453 (.5 Fib), and $ 0.4(.618 Fib ). The RSI is dropping, indicating fading bullish momentum.

Nevertheless, it is still well above the midline, which suggests the bulls are still in charge. XRP/BTC – Bulls Trading Inside Symmetrical Triangle Pattern

Secret Support Levels: 1000 SAT, 980 SAT, 867 SAT.
Key Resistance Levels: 1472 SAT, 1550 SAT, 1800 SAT.

Versus Bitcoin, XRP handled to rebound from the 980 SAT (.786 Fib) support recently as it rose into 1300 SAT over the weekend. It has dropped lower today and is battling to stay above 1200 SAT (December 2017 Lows).

It has now formed an in proportion triangle pattern, and the breakout direction of this triangle will determine where XRP will head next.

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

Moving forward, the very first resistance lies at the upper angle of the triangle. This is followed by 1472 SAT (1.414 Fib Extension & & 100-days EMA), 1550 SAT (November 2020 Lows), and 1800 SAT (200-days EMA).

On the other side, the very first support lies at the lower angle of the triangle. This is followed by 1000 SAT, 980 SAT (.786 Fib), and 867 SAT.

The RSI is at the midline, showing indecision between the bulls and bears. If it can increase higher from the midline, XRP can be anticipated to break towards the upside of the triangle with the increased momentum.