XRP Technical Analysis – September 2021
XRP has increased by more than 90% over the last month, with the price reaching as high as $1.34 on August 15. XRP was in consolidation after that, with the price retracing, increasing, and decreasing again. Based on the monthly analysis, XRP is bullish.
The weekly movement of XRP indicates bullish tendencies as XRP is looking to edge close to the high of this bullish run. It has reached $1.29 and is now going to attempt to surpass that price, which is currently acting as resistance.
In an intraday chart, XRP is bullish and continually increasing. It has increased by almost 9% in the last 24 hours. A correction can occur before attempting to retest resistance. It is currently at $1.25.
The 9-day moving average is below the price and is currently supporting the current price movement. The same applies to the 20-day moving average, which is now edging closer to the price. The 50-day moving average suggests that the bullish run might continue in the following weeks.
Relative Strength Index
The recent consolidation of Ripple was a result of the RSI moving above 70, which made XRP overbought. However, due to recent price decreases, the RSI is now at 65, meaning that XRP is in bullish momentum.
The MACD is below the signal line, but their distance is getting smaller as the bullish momentum is set to take over once again. MACD remains well above the baseline, indicating that the trend has not reversed just yet.
From the beginning of this bullish run to its highest point, we can draw the Fibonacci retracement and look at the levels which may act as support for XRP. The 38.2% is yet to be tested based on this bullish run. As far as the long-term price target based on Fibonacci levels, we might see XRP attempt to reach the -23.6% level.
Looking closely at this bullish cycle of XRP, we have seen two impulsive waves, which were each followed by price corrections. If another wave is set to occur, then Elliot Waves Theory could be applied for Ripple. This last impulsive wave might not be as big as the third wave, but it might still be big enough for investors to make a decent profit.
Price Prediction Ripple – September 2021
Since Ripple encountered consolidation, a breakout is soon to occur for XRP. If XRP breaks resistance at $1.29, then we might see XRP aim for $1.50 in the coming weeks. If not, then XRP might retest support at $1.09 and might go close to $1. Nonetheless, indicators, price patterns, and other technical tools suggest that XRP might increase again.
Latest News for Ripple – Affecting Price
Ripple is currently facing a lawsuit from the U.S. Securities and Exchange Commission. If Ripple beats the lawsuit, its price may soar and even break the all-time high. Recently, SEC asked the Ripple team to provide Slack messages for some of its custodians. This could take weeks and even months, implying that this court case is not finishing any time soon.
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