Ripple Technical Analysis: XRP Experiences Longest Consolidation Period in Its History💲
#XRP has been consolidating over $1 for about 35 days.
Popular cryptocurrency #Ripple (XRP) continues its sideways course while managing to stay above $1. XRP charts are following a descending price channel. XRP has been consolidating over $1 for about 35 days.
📌Historical Data in XRP
While Ripple (XRP) is going through the longest consolidation period in its history, the inability to determine direction represents a critical period for investors in the coming sessions. Massive volume movements are expected in XRP after such a long period of consolidation. The XRP price remained below this level for a very short time on September 7 after breaking $1 on August 13.
Considering the XRP price movements, the $1 region stands out as a strong support. The descending channel created by the XRP price last month is revealed. The popular cryptocurrency is stuck in the $1.12 to $1.05 price band. Considering that XRP price is trading close to the $1.05 support point, a possible breakout is anticipated.
If the bears gain control in the $1.05 zone, the price could drop to the main support at $0.95. But before that, XRP needs to break below the 300MA, which it has been supporting for about 2 months. In a scenario where XRP price breaks the $1.12 resistance and gains strength, the bulls will target $1.20.
With the recovery of $1.20, the XRP price will have created space to bounce back above $1.30. In the last two days' data, it can be seen that the Stochastic RSI has dropped into the oversold territory. If 50 can be broken on this indicator, XRP price could raze the current resistance area. It is striking that the MACD indicator is positioned at zero levels. If the MACD can break the zero value, bullish pressure will be confirmed in XRP.