XRP price is down 15% from the weekly high of $0.73. A continuation of the major $0.638 support is needed to sustain the price. XRP price has been stable in a descending channel for more than a month.
Overview of the XRP price market
XRP has been one of the weaker alts in the past few weeks as its price has remained in the nearly 10 cents range. The SEC lawsuit against Ripple Labs is still pending as not much progress has been made. This has created a barrier for many institutions and investors who want to invest in XRP. Estimates for the outcome of the case are around the first quarter of 2022. Many believe that once the lawsuit against Ripple Labs is lifted, XRP could see a massive price surge as it is one of the top 10 cryptocurrencies that has yet to mark any new value. This cycle is high.
The price of XRP has been stable in a descending channel for the past 6 weeks. Bulls and bears equally defended the top and bottom of this channel (shown in red). Price has spent almost the last week trying to break this channel, but at the time of writing, it looks like another failure. XRP’s main support is around $0.634. If this level fails to hold, XRP will likely revisit $0.589 and $0.538 lower levels.
The 125 MA has been correlating with the channel’s top trend for about 50 days. This has also acted as a major price barrier that the bulls have yet to break through. Once the price manages to break this MA along the top trend of the descending channel, we can expect a move to $0.70. If the price reaches this major resistance zone at $0.67-0.70, it must break and hold steady to start a major recovery. If this bullish situation presents itself, XRP will likely rise to the $0.80 region.
Looking at the MACD, we can see that the MAs recently dropped below 0 and returned to the bearish zone. This turnaround does not look pretty and could indicate that more drops are coming for XRP. Stochastic RSI has also visited oversold zones where major price drops have occurred. This strength must rise above 20 otherwise XRP will visit the region below $0.60.
XRP price intraday levels
- Trend: Neutral
- Volatility: Medium
- Support: $0.63
- Resistance: $0.67