XRP Technical Analysis
The recent situation of the legal process between SEC and Ripple makes XRP investors focus on technical levels. This silent period could come to an end when the price of the coin breaks the symmetrical triangle pattern within which it has been trading for a long time.
Looking at the daily chart of XRP, it is clear that the coin has been squeezed within a narrowing triangle formation for almost six months and the price has now tested the upper boundary of this triangle. We can say that a possible breakout at this contact zone is of great importance in terms of determining the next step of the coin. If the price can hold above 2.34 and see a daily closing, then this price momentum could continue. However, XRP may retreat to the lower boundary of the triangle formation again if this possible breakout is not backed up by high buy volume.
Support and Resistance Levels
Support Levels:
- 2.2174$ – Moving Average 50
- 2.1114$ – Moving Average 200
Resistance Levels:
- 2.3412$ – short-term major horizontal resistance
- 2.9088$ – triangle pattern target and previous major high
Also, XRP price is now holding above MA 50 and MA 200 and this is good news for the future. These two moving averages served as strong support/resistance, especially during May and June.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
