XRP continues to hold strong at $0.30. This level has supported the market throughout 2019 (barring a few brief moves beneath it). However, it’s possible that the more this support is tested, the more it’s likely to break. If XRP continues to abuse the $0.30 level, we can expect the price to break beneath it at some point.
XRP remains the third largest cryptocurrency by market value, with a market cap of $13.25 billion. It has struggled this month, declining by about 34% over the past 30 days.
Looking at the XRP/USD 1-day chart:
- Since our previous XRP/USD analysis, the price has surpassed the resistance at $0.3177 to reach $0.35. However, the market was unable to push beyond that and has since pulled back toward the $0.30 level.
- From above: The nearest levels of resistance lie at $0.3177, $0.34, and $0.35. If the bulls break above $0.35, higher resistance lies at $0.3610 and between $0.3670 – $0.37. This area of resistance is significant due to the 100- and 200-day EMAs being located here. Above this, further resistance is found at $0.39, $0.40, $0.42, and $0.4598.
- From below: The nearest level of support lies at the $0.30 level. If the sellers drag the price beneath this support level, we can expect further support at $0.2890, $0.2811, $0.28, $0.2750, and $0.2620.
- The RSI was recently turned away from the 50 level, which is a bad sign as it showed that the bulls attempted to gain control of the market but failed to do so.
- The trading volume has been steadily declining during July.
Looking at the XRP/BTC 1-day chart:
- Trading against Bitcoin, XRP has been slowly grinding higher. After bottoming out around 2,850 satoshi level, the price began to slowly ascend and is currently trading around 3,184 sat. XRP’s price is now contained within a symmetrical triangle as we wait for the bulls to hopefully push the market higher.
- From above: If the bulls can break above the upper boundary of the triangle, we can expect initial resistance at 3,370 sat. Above this, higher resistance lies at 3,400 sat, 3,500 sat, 3,629 sat, 3,800 sat, and 4,000 sat.
- From below: If the sellers push the market beneath the lower boundary of the triangle, we can expect support at 3,000 sat. Beneath 3,000 sat, further support lies at 2,850 sat, 2,600 sat, 2,455 sat and 2,000 sat.
- This market’s trading volume has also been steadily decreasing this month, which could be a sign that the selling has come to a close.
- The RSI recently managed to climb above 50, which is a promising sign. However, the Stochastic RSI is in overbought territory and is primed for a bearish crossover signal which would cause the market to drop slightly.
Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.