Price Analysis

XRP Price Expected To Consolidate More, This Is When It Could Hit $2

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Aug 19, 2021

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Article Highlights
  • XRP price maintains a narrow trend to continue with the accumulation for few more days in a row before pulling the next leg up

  • The price tested the crucial levels and rebounded fairly but the next leg up appears to be distinct as the bullish momentum seems to be diminished

  • The short-live accumulation could be flipped as the price breaks the descending trend line and regain the higher highs above $1.2

The XRP price witnessed a notable flip from the bearish divergence earlier but fell into the same trap later. It closed the previous day’s trade with a bullish note marching high in order to break the trend line. Yet the current day slump dragged the price close to the decisive line which could be a matter of concern if it fails to rebound. 

Way back on 15th August, when the price rallied hard to hit $1.35, $1.5 appeared to be imminent. But quickly the price lost its grip over the bull run as the bears jumped into action. Following the downtrend, the fear of the price plunging below $1 hovered the rally. Yet the strong support levels between $1.07 to $1.06 were held that prevented the further loss. However, the XRP price still trends within a very narrow region where-in a breakout is the need of the hour. 

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The price missed an opportunity to break the descending trend by smashing the neckline of the ‘W-shaped’ patten that resided on the line. But interestingly, the price again prevented revisiting the support zone with a bounce on the decisive levels at $1.11. As the price is bottoming multiple times at these levels, these levels become pretty important to break. 

The current price movement suggests the accumulation could continue for some more time before pulling the next leg up. The upper strong resistance levels are at $1.2 which needs to be sustained and also continue to march forward to regain $1.35. Once done, the bull run could resume and head towards $1.5 and later at $1.8.

Collectively XRP price could accumulate for a couple of days more before it regains the positions at $1.2. However, the bears currently appear to be strong and could attempt to drag the price again. However, bulls could jump in action any time to uplift the Ripple price.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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