XRP Price Analysis: XRP in Sideways Consolidation, XRP Longs ATH at Bitfinex, XRP Search ATH in Google Trends

Ripple has been through a wild ride the last 10 days as the XRP price exploded over 200% to fall nearly -55% shortly after. Support at $0.35 held XRP from dropping further after the -55% drop, which was also met with a 3 month downtrend line (black). With price holding above the downtrend for the first time in three months, this can be looked at as a breakout and retest, which is looked at as a bullish indicator.

  • XRP is stuck in a sideways consolidation channel 
  • The current amount of XRP longs open on Bitfinex hit an all time high within hours
  • “XRP” search terms hit all time high on google trends

After three days of consolidation, XRP price managed to break above resistance at $0.40. Since the 40% revival off lows of $0.35, Ripple has been in a tight consolidation between $0.42 & $0.47. This consolidation can be viewed as a bullish flag. 

XRP Price Analysis: XRP/USD 4-hour chart

XRP/USD price chart by Tradingview

A break above $0.47 can send XRP up 13% to crucial resistance of $0.50. Inversely, A break below $0.42 could trigger a drop of -17% to MA 100,  met with support of $0.35. The support of $0.35 currently stands near the three month downtrend (black).

Meanwhile, the MACD has been tightening for over a day now. This is an indication that a big move is impending. This indicator can be used to judge bullish & bearish momentum. As a signal, one can buy when the MACD line (blue) crosses above the orange line. On the other hand, one can sell when the MACD (blue) crosses below the orange line.

Crucial resistance of $0.50 can be seen as an  indication of a potential shot at $1.00. When looking at a daily chart, we can conclude the rise to $0.75 was a fakeout as no candle closed above the $0.50 resistance. This marker held the price up for nearly 40 days when XRP rose to $0.75 in 2020. Until this resistance is cleared, XRP can not rise to multi-year highs. 

While looking at the fundamentals, two events this week can be looked at as bullish.

XRPUSD LONGS on Bitfinex rose to all time highs within hours, as the price was near $0.36. This is a measure of the amount of open LONG positions at a given time on cryptocurrency exchange Bitfinex.

XRP search terms on google trends just passed Its all time high. A divergence of searches and price this large has not been seen in the history of XRP. With all major digital assets, the search terms are very near correlated with the price. XRP is roughly 770% from its all time high and search terms are above all time high. This also can be looked at as a bullish indicator.

XRP Price Intraday levels

  • Spot rate: $0.45
  • Relative change:
  • Percentage change: 1.6%

Trend: Sideways; Volatility: Low

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Source: Read Full Article