- Ripple price rallies 54% over seven days to jump to highs above $1.30.
- XRP needs to overcome the $1.30 resistance level to validate the bullish bias.
- Positive Parabolic SAR, bullish MACD and rising RSI accentuate Ripple’s bullish forecast for the week ahead.
It was a bullish start to the week as the Ripple price overcame the 200-day Simple Moving Average (SMA) barrier on August 09 to start the week above the $0.85 mark. This saw XRP trade in the green for the three days of the week. Ripple was then rejected by the $1.04 resistance zone as bears began to undo the gains on August 12. Since then, the international remittances cryptocurrency has rallied 41% to highs of about $1.35 traded earlier today before being rejected by the $1.30 psychological level.
So, what was the week like for XRP?
Ripple Price, The Week That Was
XRP/USD price rose by a whopping 54% in the week ending August 14. Significantly surpassing short of the 15% from the previous week, Ripple closed Saturday August 14 at $ 1.28.
Ripple price started the week trading in the green after rising by about 41% from the July 20 low at around $0.529. On Monday Bitcoin started the day at $0.781 and reached a high of around $1.08 on Wednesday. Rejection from the $1.048 resistance area saw XRP slide to a Thursday low at around $0.914 but still remained bullish.
The buyers were determined to stretch the bullish leg which saw the Ripple price break above the the first major resistance level at $0.828 major resistance level which coincides with the 200-day SMA and the second major resistance at $0.851 which coincides with the 100-day SMA. A push past this level saw the largest cryptocurrency rally to areas above the $1.30 mark yesterday.
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Rising 54% during the week and flipping the 200-day and 100-day SMAs from resistance to support was the week’s upside.
XRP/USD Daily Chart
BTC Price, The Week Ahead
At the time of writing, Ripple price is hovering around $1.281 and appears to battle the resistance posed by the $1.30 resistance level. XRP will need to close the week above this level to bring the $1.50 levels into the picture.
Robust support from the wider market would be needed for Ripple price to slice through the major resistance at $1.50. If this happens, Ripple could retest the May 18 high around the $1.75 mark.
Note that closing the week below the descending triangle’s apex at $1.21 would bring the first major support level at $1.03 into play. A further fall would see XRP re-test the support levels at 100-day SMA ($0.851) and 200-day SMA ($0.821) respectively.
The general XRP Price Prediction for the week ahead remains bullish as seen by the positive parabolic SAR, position of the MACD above the zero line and upward movement of the RSI in the overbought zone on the daily chart.
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Nancy Lubale
