SNEAK PEEK
- XRP price analysis displays a bearish market sentiment.
- XRP is trading on a descending channel.
- Support for XRP//USD is present at the $0.7069 level.
The XRP price analysis shows a negative market sentiment, with the price having corrected from highs of $0.7163 toward the $0.7000 level. XRP had gained over 60% following the ruling of the SEC case in their favor on 13th July. The bullish push was strongly resisted at the $0.8400 mark, and the price has declined since. As of press time, XRP is exchanging hands at $0.7093, down by 0.43%.
XRP/USD is trading in a descending channel formation, and a break below the lower boundary could open up further downside below 0.7000. To prevent this, buyers must defend the support at $0.7069 and turn the trend around with bullish momentum. The bulls must break through the $0.7163 level to continue pushing higher on this chart set-up.
XRP’s market capitalization is $37.3 billion, recording a decrease of 0.28 percent, while the 24-hour trading volume is $801 million, losing 44 percent. The circulating supply of XRP tokens is at 52.6 billion, representing 52.69 percent of the total supply. XRP is currently ranked 4th on CoinMarketCap’s list of largest coins by market capitalization.
Looking at the daily chart, XRP/USD is trading on a bearish bias. The Relative Strength Index (RSI) is currently at 57.99, indicating a neutral trend. However, the Moving Average Convergence Divergence (MACD) has turned negative, adding to the downward pressure. The MACD line has crossed below the signal line, indicating that the sellers are in control and could push further to the downside.
The Bollinger band’s wide structure has started to narrow as the price trades in a tight range, which could signal a breakout in either direction. However, XRP has formed a series of red candlesticks sloping towards the middle band, indicating a bearish bias.
To confirm a bullish reversal, buyers must break through the $0.7163 resistance level and build on higher levels closing above this mark. If successful, XRP could reach up to highs of $0.8000 before meeting resistance again. However, if the sellers defend this level and see a break below the $0.7000 level, XRP could decline toward $0.6500.
On the 4-hour chart, bulls and bears are locked in a tight tug-of-war between the $0.7000 and $0.7163 levels on the hourly chart. The MACD indicator is relatively flat, indicating a lack of directionality in the near term. The RSI indicator trades alongside the signal line at 45 indexes, indicating a neutral market. Finally, the Bollinger band has narrowed, pointing to a possible breakout in either direction.
XRP price analysis shows that the current bearish bias could continue if buyers cannot defend support at the $0.7069 level and push higher above the $0.7163 resistance mark. XRP needs to close above the current resistance level, and the buying pressure needs to increase to confirm a bullish reversal.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
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- Source: https://investorbites.com/xrp-price-analysis-29-07/
