Ripple continues to battle with the $0.40 level after being supported by the 100 days EMA during July 2019. The cryptocurrency has been pretty flat this week – only falling by a total of 4% not being able to close beneath the $0.3750 level. However, things are looking very bleak against BTC as XRP continues to slide to 18-month lows.
Ripple remains the 3rd largest cryptocurrency with a market cap of $16.76 billion. XRP has been trapped in a wide range between $0.36 and $0.48 for the past 3 months as the cryptocurrency has increased by 11% over the past 90 days.
Looking at the XRP/USD 1-Day Chart:
- Since our previous XRP/USD analysis, XRP continued to slide lower but has been strongly supported by the 100 days EMA and 200 days EMA at the $0.3787 level. Although XRP decreased, it hasn’t yet managed to close beneath the aforementioned support.
- From above: The nearest level of resistance is located at the $0.40 level. If the bulls can break above it, the next levels of resistance lie at $0.4235, $0.44, and $0.46. Above this, higher resistance is found at $0.48 and $0.50.
- From below: The nearest level of support lies at $0.39 and $0.3787. Beneath this, additional support toward the downside lies at $0.3670, $0.36, and $0.35.
- The Stochastic RSI currently rests in extreme oversold territory as we wait for a bullish crossover signal to push the market higher.
- The trading volume still remains high but has started to slowly fade.
Looking at the XRP/BTC 1-Day Chart:
- Against Bitcoin, we can see that the support at the 3370 SAT level still holds. However, XRP is still trading at 18-month lows against BTC. The coin is now trapped in a range between 3630 SAT and 3370 SAT.
- From above: If the bulls break above the 3630 SAT level, higher resistance lies at 3666 SAT, 3800 SAT, and 4000 SAT. Above 4000 SAT, the next levels of resistance lie at 4100 SAT, 4400 SAT, 5000 SAT, and 5300 SAT (which also contains the 100 days EMA).
- From below: The nearest level of support lies at 3370 SAT. Beneath this, further support lies at 3300 SAT, 3100 SAT, and 3000 SAT. If the sellers continue beneath 3000 SAT we can find more support at 2710 SAT and 2455 SAT.
- The trading volume has been falling in this market during the first week of July.
- The RSI is still below the 50 level which indicates that the bears are in control of the market momentum. If we would like to see a recovery – we will need to see the RSI break above the 50 level.
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