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XRP Long-Term Price Analysis: 5 August

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Disclaimer: The following price prediction will possibly register a change after the completion of the golden cross. 

XRP’s unceremonious drop from $0.326 to $0.250 has been dealt well by the 3rd largest digital asset. Over the past 3-days, the asset has clawed its way back near the $0.30 range, currently valued at $0.296 at press time. With many speculative on XRP’s near future, a new trading range might have been determined for the token after its recent drop.

1-day chart

Source: XRP/USD on Trading View

Analyzing XRP’s price movement since the start of March clarifies a few things regarding the recent rise on 22nd July as well. With many suggesting that XRP followed on the collective rally of the other major assets, the token was observed exhibiting a classic Adam and Eve pattern, that took shape over the past 5 months.


The neckline indicated in the above 1-day chart was met properly by the price on 13th March, 7th April, and recent on 21st July, after which XRP attained a strong vertical movement in the charts. Drawing high momentum from the rest of the market as well, XRP busted past key resistance at $0.222, $0.246, and $0.284 in the process.

Now, after the recent setback, the price seems to have attained consolidation between $0.340 and $0.284 but it is important to note that the range between $0.246 and $0.284 has been seen dynamic trading since last August.

Will a Golden-Cross execute another rally?

Source: XRP/USD on Trading View

Now as further corrections develop in the chart, many were expecting XRP’s value to drop below the support at $0.284 eventually but the situation developing between the 50 and 200-Moving Average should not be taken lightly.

With the 50-MA approaching a move over 200-MA which is a significantly bullish move, XRP’s rally could possibly be revitalized in the coming days. Another bullish move may witness XRP re-test resistance at $0.34 with an attempt to move above the range.

XRP-Weekly attains new-long term support

Source: XRP/USD on Trading View

Lastly, it is logical to state that XRP’s massive uphaul on 21st July, allowed the asset to reverse its 14-month downtrend in the charts. Now, considering the token faces a correction period towards the end of 2020, the price is unlikely to move below $0.234. Now, any move below $0.234 can stir a disastrous situation for the asset, but such an event is still far ahead in the future.

Conclusion

XRP is likely to sustain move between $0.284 and $0.34 until the golden cross in completed in the charts.


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Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
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