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    Home » XRP » Ripple Price Analysis: Bulls Poke 2020 Highs Following 12.5% Weekly Surge

    Ripple Price Analysis: Bulls Poke 2020 Highs Following 12.5% Weekly Surge

    Author: Yaz Sheikh

    Last Updated Aug 10, 2021 @ 14:14

    XRP is up by a strong 12.5% this week as it breaks above a bullish flag and pokes above the 2020 highs. Bulls are also showing up against Bitcoin.

    XRP/USD – XRP Breaks Bullish Flag And Pokes Above 2020 Highs

    Key Support Levels: $0.8, $0.78, $0.7.
    Key Resistance Levels: $9.8282, $0.89, $1.

    XRP formed a bullish flag last week after retracing from the 200-day MA resistance at the end of July. The breakout of this flag pattern occurred over the weekend, which allowed it to break above resistance at $0.781 (bearish .236 Fib), climb above the July high, and poke beyond the 2020 high at $0.8282.

    The 4-hour chart shows the previous bullish flag being broken over the weekend and the resistance at the 2020 high more clearly. Today’s break beyond this level shows that a new bullish leg higher is in the process of being formed. We will need to wait for a daily closing candle above $0.8282 to confirm this.

    xrpusd-aug10-min
    XRP/USD Daily Chart. Source: TradingView.
    xrpusd-aug10-4hr-min
    XRP/USD 4-hour Chart. Source: TradingView.

    XRP-USD Short Term Price Prediction

    Looking ahead, if the bulls close above $0.8282, the first resistance lies at $0.89 (100-day MA & 1.272 Fib Extension). This is followed by $1, $1.12 (bearish .5 Fib), and $1.25 (Feb 2018 high).

    On the other side, the first support lies at $0.8 (200-day MA). This is followed by $0.78, $0.7 (20-day MA), and $0.65 (50-day MA).

    The RSI is in the bullish favor and is pressing higher, indicating the bullish momentum is starting to pick up steam.

    XRP/BTC – XRP Finally Breaks Long-Term Descending Trendline.

    Key Support Levels: 1800 SAT, 1660 SAT, 1600 SAT.
    Key Resistance Levels: 1850 SAT, 1900 SAT, 2000 SAT.

    Against BTC, XRP has struggled to break a long-term descending trend line over the past fortnight. The falling trend line is further bolstered by the 50-day MA and is also the July 2020 low.

    Today, XRP finally poked above the long-term descending trend line. There is still major resistance ahead at the 50-day MA, and we will need to wait for a daily closing candle above the trend line to confirm the breakout. However, if the daily candle does close above the trend line and XRP continues beyond the 50-day MA, a bullish swing back toward the June highs could be imminent.

    xrpbtc-aug10-min
    XRP/BTC Daily Chart. Source: TradingView.

    XRP-BTC Short Term Price Prediction

    Looking ahead, the first resistance lies at the 50-day MA at 1850 SAT. This is followed by 1900 SAT, 2000 SAT, and 2120 SAT (bearish .236 Fib).

    On the other side, the first support lies at 1800 SAT (200-day MA). This is followed by 1660 SAT, 1600 SAT (August low), and 1550 SAT (Nov 2020 low).

    The RSI recently pushed back above the midline. If it can continue higher, the bullish momentum would be established, and it could allow XRP to pass beyond the 1900 SAT resistance and push beyond the July highs.

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Ripple (XRP) Price
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    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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