XRP Price Analysis – August 6
Ripple has been unable to develop the upside momentum above $0.33 and the bears stopped on approach to a strong support level at $0.30.
Supply levels: $0.35, $0.37, $0.39
Demand levels: $0.28, $0.26, $0.24
Ripple’s XRP touched the area above $0.33 on Monday, but failed to hold the ground and retreated quickly towards $0.32 by the time of writing. The coin has stayed mostly unchanged both on a day-to-day basis and since the beginning of today. XRP/USD has returned to the tight range that limited its movements during the previous week.
However, should the bulls manage to keep powering the market, it may soon find the resistance at $0.35, $0.37 and $0.39 levels and the bulls seem to be re-entering into the market after the August 1 and 2 falls. If the market experiences any slight drop during the movement, it may likely hit the nearest support at $0.28 and a further drop could pull the market to $0.26 and $0.24 supports. The RSI for XRP/USD is slowly correcting higher from the 40-level.
Against Bitcoin, the situation is becoming bleak. The market was previously trading in a symmetrical triangle which was invalidated when resistance was met at 3393 SAT. XRP was unable to break above this resistance, causing a drop down to 2687 SAT. From upside, the nearest levels of resistance lie at 3450 SAT.
Moreover, if the bulls can break above 3460 SAT, further resistance is found at 3470 SAT and 3480 SAT but if the sellers push the price beneath the current 2687 SAT, the next level of support is located at 2280 SAT and more support is found at 2270 SAT and 2260 SAT. The trading volume has also significantly decreased since the middle of July while the RSI has broken into the oversold zone as the bears gain control of the market.
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