advertisement

XRP Price Analysis: XRP Chart Is Forming This Familiar Pattern, but Here Is the Good News for Holders

XRP
  • At the time of publication, XRP was exchanging hands at $0.8370, down 2.61% on the day
  • Previous death cross occurrences have prompted a rise in XRP price
  • Attorney Jeremy Hogan offers April as his best estimate for the resolution of the Ripple Case with SEC

XRP entered into sideways trading shortly after reaching highs of $1.07 on Dec. 23. At the time of publication, XRP was exchanging hands at $0.8370, down 2.61% on the day. XRP daily chart is forming a familiar pattern as it is set to produce a “death cross” signal, which analysts consider to be a bear market indicator. However, the good news here is that previous “death crosses” for XRP have marked major or interim price bottoms. Previous occurrences observed in early February 2021 and July 2021 have rather prompted a rise in XRP price. The one recorded in July 2021 produced a 141% rise in XRP price to highs of $1.22 in Mid August. As regards the Ripple-SEC Lawsuit, Attorney Jeremy Hogan offers April as his best estimate for its resolution, citing summer as a worst-case scenario. Ripple CEO Brad Garlinghouse had stated earlier that he was hopeful there would be closure to the case in 2022.

Key Levels
Resistance Levels: $1.1500, $1.000, $0.9000
Support Levels: $0.8200, $0.7500, $0.5910

XRP/USD Daily Chart: Ranging

XRP/USD Daily Chart

XRP/USD has powered up from its December low of $0.5910, crossing above daily moving averages (MA’s 50 and 200). Meanwhile, MA 50 has crossed below MA 200 reviving possibilities of prior selling outlook. However, the pair is trading around its confluence zone and horizontal support of $0.8200, indicating that a rebound might not be ruled out.

Nevertheless, should the bulls maintain control, initial resistance might be found at the $0.9460 level. Crossing above that point could strengthen the pair’s positive momentum, opening the door towards the high of December 2021 at $1.0754, before buyers increase their bets to the 2021 November 10 high at $1.3827.

XRP/USD 4-Hour Chart: Ranging

XRP/USD 4-Hour Chart

XRP (XRP) lost ground earlier on Monday but may recover most of these losses. XRP/USD is currently trading at $0.8370. The short-term momentum indicators are supporting a negative bias as the RSI is located beneath its midline 50 regions, signaling that the ongoing pullback is not yet out of the equation.

The 4-hour moving averages (MA’s 50 and 200) are found to align in the same direction, which could indicate that the recent positive bias might be losing steam. The bulls are looking to hold onto their recent gains from December sharp sell-off despite the $1.0 hurdle ahead. A bullish breakout from the MA’s could put the rally back on track.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock

Get Latest Cryptocurrency And Bitcoin News

Signup this form below to get latest Cryptocurrency and Bitcoin news, directly in your mailbox

Note:

Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.