Ripple Price Analysis: XRP Price Fears Downward Stride as it Breaks Down At $0.26 Support Level

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XRP Price Analysis – August 27

The XRP falls to trade near its main support area of $0.25. With that, the XRP price comes out of the price loop of $0.27 and drops.

XRP/USD Market

Key Levels:
Resistance levels: $0.31, $0.32, $0.33
Support levels: $0.23, $0.22, $0.21

XRPUSD – Daily Chart

The XRP is currently trading with strong selling pressure and in the overall bearish zone with a weakened force to regain speedily. Yesterday’s trading clearly shows the downward trend of the coin in the early hours. The current price of the coin is well below its 21-day short-term moving average but XRP needs a steady rebound for its uptrend to continue.

However, the market is currently showing a sign of controlling volatility with bullish price action. Looking at the chart, we can see that the trading volume is still low. If the XRP/USD continues to be under bearish control, the price could return to previous supports at $0.23, $0.22 and $0.21 levels. On the upside, we can expect the next resistance level at $0.31, $0.32 and $0.33 while the stochastic RSI is in the overbought zone.

XRP/BTC Market

Against Bitcoin and according to the chart, the bulls are trying to step back into the market by halting the downward trend. For now, XRP/BTC is showing some promising signs that may likely start to make higher highs if it breaks above the 21-day moving average and the upper line of the symmetric triangle.

XRPBTC – Daily Chart

However, looking at it from the upside, the nearest resistance level lies at 2900SAT and above this, higher resistance lies at 3000SAT and 3100SAT. From below; the nearest support levels are 2600SAT and 2500SAT. Beneath 2500SAT, further support lies at 2300SAT. If the price drops further to create a new low, lower support is located at 2200SAT and 2100SAT. The stochastic RSI has managed to break above the 80-level to move into the overbought.

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About AzeezMustaph

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.