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The daily chart of Ripple, XRP, shows a steady upward trend which has been in progress since July 21 when it cost 0.50 cents. Now its value has increased by more than 115% and it is likely to continue rising to the 1.3672 level.
The Ripple has been in a consolidation phase since August 15 when it reached the top of the main bearish channel which is projected from the high at 1.9566. The crypto has been trading below this level between 1.27 and 1.07 oscillating within this range.
The technical outlook for XRP remains optimistic as the eagle indicator that measures the volume and strength of the market is showing a bullish signal. Therefore, a break above 1.2695 and a consolidation in daily charts above this level will suggest a new opportunity to buy in Ripple with targets at 1.3672.
There is encouraging news about Ripple announcing a new development that could impulse XRP Ledger (XRPL) to challenge ETH and BSC in the field of smart contracts.
The SMA of 21 is located at 1.1719, at the same level of the 8/8 of murray. It is acting as immediate support for Ripple. Hence, a correction towards this level will be a good opportunity to buy with targets at 1.2695 and 1.3672.
For a change in trend, a sharp break of the bullish channel should occur as well as a consolidation below the 21-moving average, located at 1.1719. The price could fall to the 6/8 support around 0.9766 and a psychological level of 100.
Support and Resistance Levels for September 02 - 03, 2021
Resistance (3) 1.4160
Resistance (2) 1.3672
Resistance (1) 1.3184
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Support (1) 1.2509
Support (2) 1.2207
Support (3) 1.1719
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Trading tip for RIPPLE for September 02 - 03, 2021
Buy above +1/8 at 1.2695 with take profit at 1,3672 (+2/8), stop loss below 1.2300.
Buy if the crypto rebounds at 1.1719, with take profit at 1.2695 and 1.3672 (+2/8), stop loss below 1.1300.
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