XRP has seen a decline of about 3.50% over the past 24 hours and it’s currently trading at around $0.3104. This latest move is largely attributed to it falling below the 3000 SAT level as XRP continues to struggle against BTC after creating a fresh 20-month low. XRP has now lost a total of 22% over the past week as XRP/USD continues to trade in a period of consolidation.
XRP remains the third-largest cryptocurrency with a market cap of $13.28 billion.
Looking at the XRP/USD 1-Day Chart:
- Since our previous XRP/USD analysis, we can see that XRP/USD continued to trade within the confines of the consolidation pattern. However, this is likely to be invalidated as the market (at this moment) shows no clear indication in which direction it would head toward, which could lead to price just traveling sideways through the apex.
- From above: The nearest level of resistance lies between $0.3177 and $0.32. Above this, higher resistance can be found at $0.3371, $0.35, and $0.36. The resistance between $0.36 and $0.37 is expected to be significant due to the 100 and 200 day EMA’s being located here. Above $0.37, further resistance lies at $0.3787, $0.39, and $0.40.
- From below: The nearest level of support lies at $0.31. If the sellers break beneath it, we can then expect significant support at $0.30 – which has held the market for the entire period of July. Beneath $0.30, support is expected at $0.2890, $0.2811, $0.28, $0.2747, $0.2687, and $0.26.
- The trading volume has increased toward the average over the past few days.
- The RSI had attempted to break above 50 but failed to do so which has resulted in the bears maintaining control of the market momentum.
Looking at the XRP/BTC 1-Day Chart:
- Against Bitcoin, we can clearly see the struggle for XRP continues. Over the past week, XRP has collapsed beneath the 3000 SAT level and has continued to go lower to where it currently trades at around 2668 SAT.
- From above: The nearest levels of resistance lie at 2710 SAT, 2893 SAT, and 3000 SAT. Above 3000 SAT, higher resistance is at 3400 SAT, 3666 SAT, and 4000 SAT.
- From below: The nearest level of support lies at 2613 SAT (downside 1.414 Fib Extension). If the sellers continue beneath this we can expect further support at 2455 SAT, 2300 SAT and then at 2210 SAT (downside 1.618 Fib Extension).
- The trading volume has increased in August during the latest round of selling.
- The RSI has plummeted into oversold conditions which could suggest the selling may have reached exhaustion. This sentiment is further shared by the Stochastic RSI which is trading in oversold conditions as we wait for a bullish crossover signal.
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