The cryptocurrency market saw a resurgence of bullish action in the month of July and August. August was a record-breaking month — the prices of Bitcoin and other altcoins attained record highs in the month, partially spurred by the DeFi fervour. However, Bitcoin price couldn’t sustain above $11,100 with the start of September and dropped sharply, causing a ripple effect on the entirely crypto markets. The dominance of the world’s leading cryptocurrency continues to yield a strong correlation with the rest of the crypto market.
However, the correlation in the cryptocurrency market hasn’t been consistent, the dynamics of crypto-verse keeps changing. With Bitcoin and Ethereum attaining significant gains on the charts, Ripple’s XRP failed to climb above its resistance at $0.26. However, the market appears a little bullish again, the possibilities of further appreciation are currently rising. At press time, XRP was valued at $0.254, with a market cap of $11.4 billion.
XRP is one of the top cryptocurrencies in the market backed by its strong team and fundamental achievements, over the last month, Ripple’s native currency XRP has dropped 13.5%, yielding from the broader bearish conditions across the altcoin market. The XRP price has risen +35.0% year-to-date and currently trades at $0.254 with a market cap of $11.4 billion, holding the 4rth position on CoinMarketCap’s ladder at the time of composing.
XRP Price Analysis
Looking into the daily time frame we can see XRP has retraced to 0.618 level and looks like it could be soon breaking out from this falling wedge, there is not much room left for XRP. It’s still possible for XRP to attempt one more time to test the green box which is support and breakout from there.
On the 12-hour charts, we can see MACD is very close to cross which would indicate bullish movement.
The biggest problem for XRP is still the long term resistance, since october 2019 ripple can’t break this trendline but maybe this time will be different. Worst case scenario If the falling wedge breaks down XRP will visit previous lower support 1950 satoshi and possibly head slightly lower to touch lower trendline.
On the Weekly charts, XRP formed a falling wedge and this is pretty bullish as eventually we will see an uptrend and breakout from it. The target would be around 3300-3400 satoshi. The weekly outlook would be very important if XRP can close above 2365 Sats it will form a very bullish candlestick (hammer) previous week closed with a bullish doji, both candles on higher frame would signal uptrend for ripple.