XRP short-term Price Analysis: 1 September


Disclaimer: The following price prediction should not be taken as investment advice as it is the sole opinion of the writer. The prediction should materialize in the next 24-hours.

Just like the rest of the industry, XRP was able to take advantage of the bullish comeback for the major altcoins. Dropping down below $0.26 on 26th August, the recovery since then has been significant for XRP with respect to its current valuation. Over the past 24-hours, XRP’s value has risen by 4 percent as its market cap surmounted $13 billion once again.

XRP 1-hour chart

Source: XRP/USD on Trading View

Although undergoing a bullish trend, the choppiness of XRP’s price movement was widely evident over the past couple of weeks. The hike mid-month came at the back fo a descending channel and after testing resistance at $0.32, the token underwent price oscillation between the trend lines of a falling wedge.


At press time, XRP had actively breached above the wedge pattern which carried bullish implications, and consequently toppled resistance at $0.275 and $0.284. At the moment, XRP is mediating right below the resistance $0.295 but considering XRP is currently nursing calculated corrections, a pullback upwards is definitely in the cards.

The current relationship between 50 and 100 Moving Average spoke volumes as well. At press time, 50-Moving Average had a clear advantage over the 100-Moving Average, suggesting a bullish period for the asset.

With the Relative Strength Index RSI firmly placed under buying pressure, the price should have it relatively easy to breach its immediate resistance at $0.295.

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XRP 30-minute chart

Source: XRP/USD on Trading View

Now, considering the resistance at $0.295 will be breached, a retest of $0.305 can also be brought into the discussion. Such a scenario opens up a long opportunity for the traders at the moment. An entry point can be marked ar $0.288 but a close stop loss is important at $0.284. It co-exists with the current support, hence it allows the trade to have a foundational base. Profits can be taken at $0.305 as mentioned, concluding a Risk/Reward ratio of 4.05x.

The trade should play out in the next 24 hours considering market volatility and price movement is turbulent at the moment.

About the author


Linda Hopkins

Linda is one of the oldest contributors to Sunriseread. She has a unique perspective with regards to business and technology. She aims to empower the readers with the delivery of well-written news pieces, and most importantly, she always tries to bring the news quicker to the readers.

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