August 5, 2021

Ripple Price Analysis: XRP Unable to Overcome Resistance at $0.7, What’s Next?

2 min read

XRP/USD – – XRP Remains Inside June Falling Price Channel.

Key Support Levels: $0.6, $0.556, $0.5.
Secret Resistance Levels: $0.7, $0.72, $0.781.

XRP is down 5% today as it struggles to break the 20-day MA near $0.7. It is likewise trading inside a falling cost channel that was developed at the start of June. Each time XRP attempted to break the rate channel, the upper limit rejected it.

The volume stays low for XRP, and an increase in the volume would be needed to enable XRP to break the combined resistance at $0.7. It would need to break the falling price channel and push back above $1 before turning bullish once again.

Nonetheless, the breakout of the channel ought to come within the next number of days. Otherwise, XRP would break the short-term rising trend line and head back beneath $0.5.

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XRP/USD Daily Chart.

Source: TradingView. XRP-USD Short Term Price Prediction Looking ahead, if the bears break the rising trend line, the first assistance lies at $0.6. This is followed by $0.556(2019 highs), $0.5, and $ 0.478 (lower channel angle). & On the other side,

the very first resistance lies at $ 0.7 (near 20-day MA). This is followed by $ 0.72(200-day MA), $ 0.781(bearish.236 Fib Retracement), and $ 0.8282 (2020 high & 50-day MA). The RSI shows reducing bearish momentum as it rests above 40, however the purchasers are still failing to establish any momentum. Therefore, it would require to rise beyond 50 for a falling price channel breakout. XRP/BTC – – Bears Persist Beneath June Falling Trendline

Secret Support Levels: 1900 SAT, 1800 SAT, 1660 SAT.
Key Resistance Levels: 2000 SAT, 2120 SAT, 2250 SAT.

Versus BTC, XRP continues to stop working to break 2000 SAT. The resistance there is offered by the 20-day MA and a falling trendline developed at the start of June.

Because July, XRP traded sideways in a very narrow range in between 2000 SAT and 1900 SAT. It would need to break this range to determine the next instructions for the market.

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XRP/BTC Daily Chart. Source: TradingView. XRP-BTC Short Term Price Prediction

Looking ahead, the first assistance to the disadvantage lies at 1900 SAT (Jul 2020 low). This is followed by 1800 SAT, 1660 SAT (disadvantage 1.618 Fib Extension & & 200-day MA), and 1550 SAT (November 2020 lows).

On the other side, the first resistance lies at 2000 SAT (20-day MA & & June falling trendline). This is followed by 2120 SAT (bearish.236 Fib), 2250 SAT (100-day MA), and 2425 SAT (bearish.382 Fib & & 50-day MA).

The RSI is flat at the 40 level, indicating weak bearish momentum. It would need to see an uptick before XRP can permeate 2000 SAT.