The XRP price has continued to rise since it bounced off the support level at USD 0.62 at the end of July.
The XRP price (Ripple) was rejected on August 29, 2021 with a falling resistance level. In addition, the XRP price is currently approaching a short-term support level.
XRP course bounces off long-term support level
The XRP price has risen since it bounced off the horizontal support area at USD 0.62 in late July. On August 15, 2021, the Ripple price reached its last high at 1.35 USD. After that, the ripple price fell again.
The technical indicators on the weekly chart look bullish. Both the MACD and the RSI are rising. The MACD is also in positive territory and the RSI is above the 50 line. However, there is resistance to the red Superttrend line. Furthermore, the XRP price was traded below the support level at USD 0.62 between September 2018 and April 2021. As long as the price is trading above the support level, we can assume that the long-term trend is bullish.
XRP price daily chart analysis
On the daily chart you can see that the Ripple price has been following a descending resistance line since April 14, 2021. The Ripple course has failed five times trying to break out of this so far. The XRP course was last rejected there on August 23, 2021. Both the MACD and the RSI are falling. This suggests that the downward trend will continue. That’s why the Ripple course will soon drop to a new support level.
The crypto trader @AltstreetBet published an interesting XRP chart. On this you can see that the price has completed a five-wave, bullish impulse.
The price development since July 20, 2021 resembles a five-wave, bullish impulse. If that is true, then the ripple price will probably just complete an ABC correction structure before we see another upward movement. The next support levels are at USD 0.93 and USD 0.84 (the 0.5 and 0.618 Fib retracement levels)
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