XRP Price Analysis – August 13
XRP has traced a major bearish trendline; its price hovers around $0.29 but fails to maintain stability above $0.30.
Supply levels: $0.33, $0.35, $0.37
Demand levels: $0.27, $0.25, $0.23
Ripple has recently crossed below the $0.30 mark under the 21-day moving average, which has contributed to the downward movement. It has been so long since Ripple Price maintained a bullish sentiment and stood at least above $0.35. Over the past few days, the price of the XRP has collapsed to trade regularly above $0.30, but apparently, there is still no price surge against the US dollar.
The daily chart has shown that the sellers are still dominating the market with a heavy surge. For now, the key demand level to watch out for lies at $0.27 and $0.25. A further drop may slip price at $0.23 and below. For a retracement move, the $0.31 supply is likely to resurface before the rally continues. If the $0.31 could not contain the retracement, the price may further swing to $0.33, $0.35 and $0.37 supplies. The RSI (14) is moving towards level 30, indicating oversold phase.
Comparing with Bitcoin, on the daily chart, Ripple (XRP) is looking bullish as price rises above the 2709SAT. Now, the bull appears to be stepping back in the market, and we can expect the price to rise to 3200SAT and 3400SAT resistance levels. But as at the time of writing, XRP/BTC is changing hands at 2715SAT.
Moreover, if the sellers push the price beneath the current 2715SAT, the next level of support is located at 2400SAT and more support is found at 2100 SAT and 1900SAT. The trading volume has significantly decreased while the RSI is moving towards level 40, raising the hope of buyers.
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