XRP/USD daily bull flag awaiting confirmation to breakout above $0.346

August 11, 2020 John Ripple 0

  • XRP/USD is trading at $0.309 while daily EMAs remain far away from the price.
  • The daily bull flag is the most important pattern for XRP in the short-term.

XRP continues fighting to remain above $0.30 and it’s not facing many resistance levels on the way to the 2020-high.  

XRP/USD daily chart

The next resistance level for XRP bulls is $0.32, the high of August 3 and 4, and a psychological level. The last high at $0.325 is also a resistance point and the peak of the bull rally so far. For support, bulls can use $0.29 and the daily 12-EMA at $0.274. 

XRP/USD 4-hour chart

xrpusd

The 4-hour chart has formed somewhat of an equilibrium pattern and it seems that XRP is breaking out. The most important level is $0.319 if XRP can climb above this resistance point, there will be a lot of price continuation.