Connect with us

Bitcoin News

Ripple Price Analysis – XRP Holds Steady at $0.30, but Is a Crash Relative to BTC Incoming?

Published

on

Although XRP is still holding very strong at the support at $0.30, the situation is starting to look very bleak relative to Bitcoin, as the cryptocurrency is on the way to creating fresh 2019 lows if it continues to fall. XRP has suffered a 22% price drop over the past 30 days and is currently trading at around $0.3149.

XRP remains the third-largest cryptocurrency by market value, with a market cap of $13.58 billion. The technical indicators are aligned to push XRP lower, which we will explore below.

Looking at the XRP/USD 1-day chart:

  • Since our previous XRP/USD analysis, the price of XRP has fallen back toward $0.30 but has continued to hold at this level of support. The cryptocurrency has started to form a symmetrical triangle consolidation pattern in the short term with all indicators suggesting a break below it. However, as this is a short-term triangle, we should not give too much weight to this, as the price could potentially simply travel sideways through the apex, invalidating the pattern in the process.
  • From above: If the buyers can break above the resistance at $0.3177, the next level of resistance is located at the upper boundary of the triangle. After that, higher resistance can be found at $0.3317 and $0.35. If the buyers continue beyond $0.35, further resistance is located around the $0.36-$ 0.365 region, which contains both the 100 and 200-day EMAs.
  • From below: The nearest level of support lies at the lower boundary of the triangle. Beneath this, the next level of strong support lies at $0.30. Beneath $0.30, support can be found at $0.2890, $0.2811, $0.28, $0.2727, and $0.26.
  • The trading volume has been decreasing since mid-June and shows no sign of increasing.
  • As previously mentioned, the technical indicators are suggesting a move lower. The RSI recently did battle with the 50 level but failed to break above it after three attempts. Furthermore, the Stochastic RSI recently produced a bearish crossover signal in overbought territory, which suggests a move lower.

xrpusd_aug2-min

Looking at the XRP/BTC 1-day chart:

  • Trading against Bitcoin, the situation is becoming bleak. The market was previously trading in a symmetrical triangle which was invalidated when resistance was met at 3,370 satoshi. XRP was unable to break above this resistance, causing a drop down to 2,990 sat. 
  • From above: The nearest levels of resistance lie at 3,000 sat and 3,370 sat. Above this, higher resistance lies at 3,630 sat, 3,666 sat and 4,000 sat. If the bulls can break above 4,000 sat, further resistance is found at 4,377 sat (the 100-day EMA) and 5,000 sat.
  • From below: If the sellers push the price beneath the current 2,990 sat, the next level of support is located at 2,846 sat, which provided support for the market during June. Beneath this, more support is found at 2,710 sat, 2,455 sat, and 2,200 sat.
  • The trading volume has also significantly decreased since mid-July.
  • The Stochastic RSI recently produced a bearish crossover signal marking the move lower. Furthermore, the RSI has now broken beneath 50 as the bears gain control of the market.

xrpbtc_aug2-min

Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.

More news for you:

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading
Advertisement
Advertisement

Recent Posts

Copyright © 2019 The Crypto Report