The XRP price increased by 50% in July, reaching a significant long-term resistance level above which it has not traded in a year.

While a short-term retracement could occur, XRP should eventually move above this resistance level.

The weekly chart for XRP shows that the price is trading inside a crucial resistance area at $0.295. The price has not reached a weekly close above this level since August 2019, despite wick highs that have exceeded it.

Weekly technical indicators are bullish, suggesting that the price will eventually break above this level. Both the MACD and RSI are increasing and have not formed any type of bearish divergence. Furthermore, volume was considerable during the bullish engulfing candlestick created last week.

If the price continues to rise, the next resistance level would be found at $0.47, while in the case of a fall, the closest support area would be found at $0.175.

Cryptocurrency trader @CryptoNTez outlined an XRP chart, which shows a breakout from a descending resistance line and gave targets of $0.350 & $0.475 for the upcoming move, the latter of which coincides with our long-term resistance level.

The XRP price has been increasing rapidly since breaking out from a resistance line on July 8 and then validating it on July 20. We can also see minor resistance and support levels at $0.345 and $0.230, the latter of which previously acted as resistance.

Similar to the weekly chart, technical indicators show that the move still has momentum on its side. However, the bearish long-legged doji on August 3 casts some doubt into the strength of the upward move, since it’s a sign of weakness following the rapid rise.

The current daily close is essential for the future of the trend. A bullish close near the wick resistance would indicate that the price could head further to the minor resistance at $0.345. A bearish close would likely mean the opposite.

The short-term chart does not provide a clear direction for the trend, even though it’s also leaning on the bullish side.

The price is following an ascending support line, currently aiming for the 0.786 Fib level of the August 2 decline. A breakout above this level would likely take the price to the $0.326 high.

It’s interesting to note that the previous decrease touched both the 50 and 100-hour moving averages (MA) and was bought up quickly since XRP is currently above both MAs.

Technical indicators are neutral, with the RSI being near 50 and the MACD near the 0 line. Considering that the outlook from the daily and weekly charts are bullish, the bearish signs in the hourly chart are not significant enough to offset this.

To conclude, even though the XRP price has been increasing with strength since a breakout at the beginning of July, a short-term retracement is due, possibly after the price reaches the $0.345 resistance area outlined above.

The post XRP Successfully Breaks Through $0.30 appeared first on BeInCrypto.

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