Ripple has remained pretty stagnant this past week after ‘suffering’ from a small 4% price decline, to bring the price of XRP down to $0.2694, at the time of writing.
The cryptocurrency has struggled over the past 30 days after dropping by a total of 15% with a further 37% price plunge over the previous 90 days; this is despite the rising price of Bitcoin. XRP remains the third-largest cryptocurrency with a market cap value of $11.56 billion.
Looking at the XRP/USD 1-Day Chart:
- Since our previous XRP/USD analysis, we can see the sideways movement that XRP has been going through. The coin had attempted to break toward $0.30 but had been rejected, which had caused XRP to fall back beneath $0.28. Since this moment, XRP has continued to trade sideways.
- From above: The nearest levels of significant resistance lie at $0.2811 and $0.30. Higher resistance then lies at $0.3177 and $0.33. The resistance at $0.33 is further strengthened by the 100-days EMA, which is located upon that price area. Higher resistance lies at $0.34 and $0.25 (contains 200-days EMA).
- From below: The nearest level of support lies where the market is currently trading around $0.2686. Beneath this, further support can be found at $0.26, $0.2584, $0.25 and $0.2461.
- The trading volume remains low, below the average volume level.
- The RSI has failed on the previous two attempts to break above the 50 level, which shows that the sellers remain in control. Furthermore, the Stochastic RSI has recently entered overbought conditions and is primed for a bearish crossover signal which would likely signal a short term bearish move lower.
Looking at the XRP/BTC 1-Day Chart:
- Against Bitcoin, XRP has also somewhat stabilized as it continues to move sideways. The coin is ‘trapped’ within a well-defined range between 2455 SAT and 2800 SAT.
- From above: The nearest levels of resistance lie at 2710 SAT, 2800 SAT and 3000 SAT. Higher resistance lies at 3200 SAT, 3400 SAT and 3800 SAT. The 100-days EMA strengthens the resistance at 3800.
- From below: The nearest level of support lies at 2668 SAT and 2455 SAT. Beneath this, further support can be found at 2200 SAT.
- The RSI is trading along with the 50 level, which is a promising sign for the XRP bulls. If the RSI can break above the 50 levels, this will indicate that the bulls are in control of the market momentum. However, the Stochastic RSI is also primed for a bearish crossover signal which would shift the market lower.