XRP Price Analysis – July 7
Ripple continues to battle with the $0.40 level after being supported by the 100 days MA during July 2019. The cryptocurrency has been pretty flat this week – only falling by a total of 4% not being able to close beneath the $0.3750 level.
Resistance levels: $0.50, $0.52, $0.54
Support levels: $0.31, $0.29, $0.27
Ripple’s XRP token has been suffering in the face of a falling Bitcoin price last week, dropping by a total of 17.44% to beneath $0.37. At the time of writing, XRP was trading at $0.395. The cryptocurrency has done very well at holding above support at both the 100-day MA. However, it continues to struggle to make any movement above the $0.40 level.
From above, the nearest level of resistance lies at $0.40. Above this, resistance is at $0.42, $0.44, and $0.46. If the bulls can break above $0.46, higher resistance is located at $0.48 and $0.50. Above $0.50, the next resistance levels are located at $0.52, and $0.54. From below, the nearest level of support now lies between $0.38 and $0.36. The support in this area is further bolstered by both the 100-day MA. Beneath $0.36, support lies at $0.31, $0.29 and $0.27. The Stochastic RSI is currently in oversold territory as we wait for a bullish crossover signal to push the market higher.
Comparing with Bitcoin, it can be seen that the support at the 3370 SAT level still holds. However, XRP is still trading at 18-month lows against BTC. The coin is now trapped in a range between 3630 SAT and 3370 SAT. Should in case the bulls break above the 3500 SAT level, higher resistance lies at 4000 SAT and 4500 SAT. Above 4500 SAT, the next levels of resistance lie at 5000 SAT, 5500 SAT and 6000 SAT (which also contains the 100 days MA).
From below, the nearest level of support lies at 3200 SAT. Beneath this, further support lies at 3000 SAT, 2500 SAT, and 2000 SAT. If the sellers continue beneath 2000 SAT we can find more support at 1500 SAT and 1000 SAT. The trading volume has been falling in this market during the first week of July. The RSI is still below the 40 level which indicates that the bears are in control of the market momentum. If we would like to see a recovery – we will need to see the RSI break above the 50 level.
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