XRP Price Analysis – August 17
XRP/USD has continued to rally after a rebound above the $0.28 support. With the recent rebound, the bulls have breached the resistance levels of $0.30, and $0.325. Nevertheless, the current uptrend is yet to break the resistance at $0.325.Similarly, XRP/BTC is also in an upward move as it approaches the high at Ƀ0.000026000.
Resistance Levels: $0.24, $0.26, $0.28
Support Levels: $0.22, $0.20, $0.18
Ripple rebounded above the $0.28 support, but the bulls are yet to break the resistance at $0.32. Buyers were struggling to sustain the upward move above the $0.32 resistance. On the upside, if the bulls break above the $0.32 resistance, price will accelerate to break the resistance at $0.34. Nonetheless, if the bulls fail to break the resistance at $0.32, Ripple will continue its sideways move below the $0.32 resistance. With the recent rebound, the Relative Strength Index has risen to level 75. This implies that XRP is in the overbought region.
Ripple Q2 2020 Report: XRP Sales Increased 19-Fold
Ripple has indicated that recent success in sales was due to prioritizing over-the-counter (OTC) sales over programmatic ones. According to Ripple’s quarterly report on August 3, sales of the firm’s XRP token were 18.6 times higher in Q2 2020 compared to Q1. Also, XRP sales were $32.55 million from April to June this year. Earlier on the company management was blamed for propping up their balance sheet with XRP sales. Nonetheless, XRP token rallied by 40% in the past seven days. There is a prediction that the token will surge to $0.30 high.
Similarly, on the XRP/BTC chart, the price is an uptrend. The bulls are currently battling to break the resistance at Ƀ0.000026000. The crypto will resume uptrend when this current resistance is breached. Meanwhile, in the August 3 uptrend, the last retraced candle body tested the 0.618 Fibonacci retracement level. This explains that the market will rise and reach level Ƀ0.000032963