- XRP price falls -15% from weekly high of $0.73
- Major support of $0.638 must hold to keep price afloat
- XRP price has been respecting a descending channel for over a month
XRP Price Market Overview
XRP has been one of the weaker alts the last few weeks as price has nearly stayed within a 10 cent range. The SEC lawsuit against Ripple Labs is still dragging on as not much progress has been made. This has created a barrier for many institutions and investors who would like to invest in XRP. Projections for a conclusion on the lawsuit stand around the first quarter of 2022. Many believe once the lawsuit against Ripple Labs is lifted, XRP can see a massive price surge as it is one of the only top 10 coins that has yet to mark a new high this cycle.
The price of XRP has been respecting a descending channel very well the last 6 weeks. Bulls and Bears have equally defended the top and bottom of this channel (shown in red). Price has spent nearly the last week attempting to break this channel but at the time of writing, it seems it is yet another fail. Major support of XRP comes in around $0.634. If this level fails to hold, XRP will likely revisit lower levels of $0.589 & $0.538.
Read More: XRP Price Analysis->XRP Tries Breakout of 45 Day Falling Wedge, Can it Break $1 Level?
XRP Price Analysis: XRP/USDT 4 Hour Chart
The 125 MA has flirted with the top trend of the channel for nearly 50 days. This has also acted as a major price barrier that bulls have yet to break through. Once price manages to break this MA along the top trend of the descending channel, we can expect a move to $0.70. If price reaches this major resistance zone of $0.67-$0.70, it must break & hold to start a large revival. If this bull case presents itself, XRP will likely surge to the $0.80 region.
While looking at the MACD, we can see the MA’s have recently broke below the 0 value back into bearish territory. This setup does not look pleasing and may indicate a further drop is coming for XRP. The Stochastic RSI has also visited oversold regions where large price drops occur. This strength must bounce back above the 20 value or XRP will be visit the sub $0.60 region.
XRP Price intraday levels
- Spot rate: $0.6355
- Trend: Neutral
- Volatility: Medium
- Support: $0.63
- Resistance: $0.67
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