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Ripple Price Analysis: The Market Remains Indecisive as XRP Stumbles Again with a Bearish Step Back

XRP Price Analysis – August 2

Ripple price is struggling to rise steadily against the US dollar, while Bitcoin has risen above 4%. The price of the XRP could start to increase decently if it exceeds the resistances of $0.31 and $0.32.

XRP/USD Market

Key Levels:
Supply levels: $0.35, $0.37, $0.39
Demand levels: $0.28, $0.26, $0.24

XRPUSD – Daily Chart

The Ripple (XRP) market fell sharply to the crucial support at $0.30 after the price was rejected at around $0.310 – following the symmetrical triangle pattern that had been spotted at the end of July 2019. Currently, bears seem to be coming back to the market.

However, the bulls have to take the price above $0.33 level to build an additional upside momentum to gain traction with the next focus on $0.35, followed by psychological $0.37 and $0.39 levels. On the downside, the initial support comes at $0.28, $0.26 and $0.24 respectively. The upward divergence of the MACD shows that XRP has a positive agreement with the trend.

XRP/BTC Market

Comparing with Bitcoin, the Ripple price is changing hands at 3317SAT and it is currently trading within a channel. The MACD suggests that the price will break down as it crosses down the 21-day moving average. The nearest resistance levels may be at 3700SAT, 3900SAT and 4100SAT.

XRPBTC – Daily Chart

Moreover, the fact that a bearish pattern was created inside a significant support area increases the possibility that it will soon initiate a reversal. The nearest level of support lies at the 2800SAT and we can expect further support at 2600SAT and 2400SAT respectively.

Please note: insidebitcoins.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.