With just two days left in September, XRP is logging its best month yet. However, the bearish trend reversal has not yet been confirmed.
Technical Analysis
By Grizzly
The weekly chart
Last week, XRP reached (and was rejected) a critical level of $0.56 on the weekly chart. This resistance is combined from the ascending line (in yellow) and the red horizontal resistance. As a side note, it is not unusual to see a weekly red candle after several green candles.
Unless it breaks below $0.4, you will likely see XRP making another test of the $0.56 level. A break and close above $0.56 will likely trigger bullish momentum.
The Relative Strength Index (RSI) supports the previous sentiment. The RSI indicates that the market continues to see increased selling pressure, as the RSI indicator is below 50. Breaking above the descending (blank) line corresponds to the price breaking the resistance zone.
Key levels of support: $0.4 and $0.3
Key resistance levels: $0.56 and $0.75
Weekly Moving Averages:
MA20: $0.36
MA50: $0.63
MA100: $0.70
MA200: $0.48
The XRP/BTC chart
After clearing the barrier of the descending line (in red), a bullish spike against Bitcoin began, which lasted until it met resistance in the middle of 2900 SAT (in yellow).
Let’s assume the price of XRP vs. BTC experiences a brief pullback to support at 2000 SAT (in green); 2,900 SATs are likely to be retested in the coming weeks.
Alternatively, breaking 2,900 SAT will resume the recent bullish momentum. The target for this move could be around the 4000 SAT (blank) area, the highest level recorded in 2021.
Key levels of support: 2000 SAT and 1500 SAT
Key resistance levels: 2900 SAT and 4000 SAT
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