Yerevan (CoinChpater.com) – XRP, the native token of Ripple Labs blockchain startup, stood at $0.85 in the European session Thursday, after testing the significant $0.82 support margin once again. However, Transparent-fx, an analyst on TradingView.com, found a bullish outlook in the cross-analysis of the daily, weekly, and monthly charts.
Daily Chart for XRP
On the 1D XRP/USD chart below, the analyst pointed out the uncertainty of the current market. He indicated a significant resistance level at the $0.9 price margin. According to the expert, to see a bullish progression on the daily chart, the token has to rally above the indicated margin, then correct back and test it as support. Only then an upward trend could be stable.
XRP daily chart. Source: transparent-fx on TradingView.com
Transparent-fx also indicated two resistance/support zones on the weekly chart that proved significant in the past weeks. The bottom range (approximately $0.7-0.8) shifted its allegiance from resistance in November 2020- March 2021 to support in May 2021. The upper range ($1.0-1.3), however, flipped from support to resistance. As a result, XRP traded bounded in between the two ranges.
The analysts asserted that as long as the consolidation on the weekly charts goes on, XRP cannot log a confident bullish continuation. To see a bullish change on the weekly charts, the money transfer token would have to break up above the upper resistance range.
XRP weekly chart. Source: transparent-fx on TradingView.com
Monthly Outlook
Despite things hardly looking optimistic on the daily and the weekly charts, the monthly chart seems promising to the analyst. He pinpointed a previous resistance range at $0.65-0.77, which now turned to support. Moreover, the analyst drew the Fib retracement pattern from the lowest point of the latest bullish rally. The low margin of the support range stood in perfect alignment with the 0.78 Fib level. It shows a confluence of support for a bullish break.
XRP monthly chart. Source: transparent-fx on TradingView.com
Experts at FXStreet agree with the bullish outlook. They see the recent drop back to the $0.82 support line as a setback on the path to a bullish rally.
The daily chart for XRP indicated consolidation between $0.82 and 0.90 price margins. The weekly chart inspired more confidence if the token would manage to break the support-turned-resistance level at $1.0-1.3.
However, Transparent-fx pointed out that XRP would have to retest the said support to log a breakout. Despite the daily and weekly charts in consolidation, the monthly chart offers more incentive for a breakout. It shows a confluence of factors, including a crucial support level and the Fib retracement.
Lilit is a Yerevan-based Markets writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience.
Note: Binance has relisted LUNA and UST tokens YEREVAN (CoinChapter.com) – Terra, the algorithmic stablecoin issuance platform that ranked...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.