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XRP Price Analysis for August 31

Wed, 08/31/2022 - 16:07
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Denys Serhiichuk
Does XRP have prerequsites for local growth?
XRP Price Analysis for August 31
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The market has not decided yet which way to move as neither bulls nor bears have seized the initiative.

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The price of XRP is almost unchanged as it has only gone up 0.22%.

XRP/USD chart by TradingView

On the local chart, XRP has started to drop after the breakout of the $0.3287 level. Currently, there are no signals for a fast reversal as the bulls have not accumulated enough power.

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The drop can stop if a false breakout of the support level at $0.3199 occurrs.

XRP/USD chart by TradingView

On the bigger time frame, XRP is coming back to the support level at $0.3199 against the high volume. If the closure happens around this mark, the ongoing fall may continue to the $0.3150 zone soon.

XRP/USD chart by TradingView

On the weekly chart, XRP is located closer to the support level than to the resistance, which means that there are more chances to see a further fall than local growth. The rise may happen only if bulls can return the price above the $0.34 mark and fix there.

XRP is trading at $0.3247 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at