XRP has managed to remain pretty stable against the USD after increasing by 1.76% over the past week to reach the current price of $0.2568. The cryptocurrency had broken beneath a major support level during early-August after falling below the $0.30 level. However, after shattering this support, XRP is holding strong against the USD but is showing major signs of weakness against BTC.
XRP remains the third-largest cryptocurrency with a market cap of $11.06 billion.
Looking at the XRP/USD 1-Day Chart:
- Since our previous XRP/USD analysis, XRP remained positively stable. Any spike lower is immediately bought up as XRP continues to trade above $0.25. XRP is still suppressed by a falling resistance trend line which will be the first mountain of resistance to overcome for a recovery.
- From above: The nearest level of resistance lies at $0.27 where the falling trend line is located. Higher resistance is found at $0.2811, $28.90, and $0.30. If the bulls break back above $0.30, further resistance is expected around $0.3177 (100-days EMA), $0.32, and $0.34 (200-days EMA).
- From below: The nearest levels of support lie at $0.2519 and $0.25. Beneath this, support is found at $0.2461, $0.24, $0.2345, and $0.23.
- The trading volume remains low but at the average level for the past 2 months.
- The RSI has recently turned away from the 50 level to indicate the bears remain in control over the market momentum.
Looking at the XRP/BTC 1-Day Chart:
- Against Bitcoin, XRP has fallen beneath the previous symmetrical triangle. XRP continued to travel beneath the support at 2455 SAT to reach the current level at 2423 SAT.
- From above: If the bulls break back above 2455 SAT, higher resistance is located at 2600 SAT, 2710 SAT, 2900 SAT, and 3000 SAT.
- From below: The nearest level of support beneath 2400 SAT is expected at 2350 SAT. Beneath this, support is found at 2211 SAT, 2197 SAT, 2100 SAT, and 2171 SAT.
- The trading volume remains low and is decreasing.
- The RSI has plummetted beneath the 50 level which shows strong bearish momentum. However, the Stochastic RSI is in extreme oversold conditions and is primed for a bullish crossover signal which could allow XRP/BTC to see a slight rebound.
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