Ripple (XRP) Price Analysis – July 5
The Ripple’s XRP price saw a serious decline over the past few days as the market recorded a loss of about 30% during the course of the selling. The bears are now in charge of the market. If the bulls can overcome the bears’ pressure, the XRP price may bounce back above the $0.4.
Resistance levels: $0.4, $0.42
Support levels: $0.36, $0.34
XRP now resumes trading below the $0.4, following the June 26 sell-off that led the market to $0.37. However, the cryptocurrency has since been on a swing low as it carved a bearish wedge on a current medium-term structure. We can expect the rally to establish a new low at around the $0.36 and possibly $0.34. The RSI indicates that the price is at its lowest.
We may see a little retest near the $0.4 area, where the upper wedge boundary lies, before resuming the downward move. The price of XRP may further rise to the $0.42 if a break-up occurs. The Stochastic RSI may bring that to play as the market prepares for a climb.
The price of XRP is still falling against the Bitcoin as another selling pressure aims at the 0.000032BTC. The buying pressure has become very low as sellers are now stepping back in the market. The above price level might not be capable to suppress selling pressure; the 0.00003BTC might further provide strong support for the market.
As revealed on the Stochastic RSI, the cryptocurrency might probably drop to nearest support. Mind you, a strong bullish regroup might as well bring the market up to 0.000038BTC resistance in case of a weak bears’ position. If trading can manage to close above the mentioned resistance; we can expect a price break to 0.00004BTC resistance. The RSI, however, nears the oversold zone.
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